Robinhood's Crypto wallet has 1 million sign-ups

The Robinhood wallet will be available this month to some users, then eventually to all users in early 2022.

Robinhood's Crypto wallet has 1 million sign-ups

Vlad Tenev, CEO of Robinhood, reports that more than 1 million people are on the waitlist for the long-awaited crypto wallet.

Tenev told CNBC's Disruptor 50 summit on Oct. 21 that the firm was "proud" of its crypto progress, noting that Robinhood has recently begun providing its users with a crypto wallet:

“It has been requested by many people that we add the ability to transfer cryptocurrency, to transfer it to hardware wallets, and to consolidate it on the platform. It's pretty exciting to know that there are over a million people waiting for crypto wallets right now."

"We believe there is room for growth in that area," he said.

Since the platform does not currently support crypto deposits or withdrawals, and only allows users to buy crypto with U.S. dollars and trade digital assets, Robinhood users have long pushed the company to develop a crypto wallet.

Awaiting the debut of Robinhood's digital asset wallet, Robinhood opened a waitlist on Sept. 22. The Robinhood wallet will be available this month to some users, then eventually to all users in early 2022, according to a representative told MarketWatch last month.

During the event, Tenev noted the importance of the emerging crypto sector, noting that it holds specific advantages such as connecting a global market, noting it's "here to stay as an asset class".

“You can have a wallet and send crypto assets from that wallet to someone's wallet no matter where you are in the world," he said.

Since 2018, customers in five U.S. states have been able to trade Bitcoin and Ether. Since then, Robinhood has added support for altcoins such as Dogecoin and Litecoin and currently offers commission-free trading for crypto assets in all but four U.S. states.

According to Teven, Robinhood's stringent listing policy makes it unlikely that the company will support Shiba Inu (SHIB) any time soon.

“Currently, there are only seven coins available. Right now, it's all about safety. As such, we generally won't be the first to add new assets. It must pass a rigorous set of criteria."

He asserted that Robinhood's commission-free trading structure changed the industry and offered a greater opportunity for financial inclusion than its competitors.

"I think when it comes to crypto assets, for example, people still pay 3, 4% in fees to access those markets. There are many opportunities to serve more people who have less money and are even less served than the customers we currently have," he said.