According to Tenev, as an asset class, cryptocurrency is here to stay due to its incredible accessibility and general ease of use that successfully attracts most people worldwide. He then adds that Robinhood feels particularly confident that the crypto industry is still bound to grow, and they will be more than happy to be a part of it even further.
The prominent Robinhood trading application’s users have long argued that the platform needs its own crypto wallet, as it currently still does not offer any withdrawal or deposit services. It only allows users to purchase crypto using USD and trade cryptocurrencies within the platform.
Last month, Robinhood finally abided with the demands of its users and announced the rollout of its upcoming digital asset wallet alongside the opening of its waitlist for those who want to be part of its pilot release. As per a representative from Robinhood, waitlisted users may have the chance to use the new feature as early as this month, while its official launch is currently penciled in for early 2022.
As for the cryptos the Robinhood wallet is set to support, Tenev stated that they only have seven coins at the moment at its listing. This includes Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and Litecoin (LTC). According to him, Robinhood isn’t comfortable as of yet to add any new asset. They first want to make sure that everything goes through strict categorization before they even make a move.
Nevertheless, Tenev reassures users that they will have a wide array of available activities when the wallet is eventually released.