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Millions on the Waiting List for Robinhood’s Crypto Wallet

CryptocurrencyOct 22, 2021 07:00AM ET
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Millions on the Waiting List for Robinhood’s Crypto Wallet

  • According to the CEO of American firm Robinhood (NASDAQ:HOOD), Vlad Tenev, the waiting list to subscribe to the crypto wallet exceeds one million customers.
  • Following the approval announcement this week from the SEC, the new Bitcoin futures ETF has been unveiled on Wall Street.
  • The Robinhood wallet will allow investors to buy, send and receive cryptocurrencies.
Following the recent launch announcement of its crypto wallet, the Robinhood financial platform already has around a million clients on the waiting list. Meanwhile, Wall Street received the second approval for a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) on Friday.

The announcement of the record number of Robinhood clients on the list was made by Vlad Tenev, CEO of the controversial U.S. firm. This reinforces the market sentiment about the importance of digital assets today.

"We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” said Robinhood CEO Vlad Tenev on Thursday, while participating in an event organized by CNBC called ‘Disruptor 50.’

Tenev added that the company had decided to implement a waiting list.

"A lot of people have been asking for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate and the crypo wallets waitlist is well over a million people now." The initial announcement regarding preparations for the launch of the trading firm’s crypto wallet was made in September. Customers who sign up for the wallet will be able to trade cryptocurrencies in and outside the app.

Currently, the digital currencies offered by Robinhood are Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Dogecoin, and Litecoin.

Tenev said that its wallet offers “certain advantages that are in the technology that make it kind of global and accessible by default and that makes it very interesting.” Through their wallet, users can directly send cryptocurrencies to other people.

Robinhood started trading digital currencies three years ago, but now the sector occupies a very prominent place in the company, to such an extent that, in the last quarter, just over 50% of the company’s transaction-based revenue came from trading crypto assets.

The Robinhood wallet will incorporate the functions of trading, sending and receiving digital currencies from the wallet itself, a service that rival companies Coinbase (NASDAQ:COIN) and Gemini already offer.

The Launch of the Second Bitcoin ETF

The announcement for the Friday 22nd debut of the Valkyrie Bitcoin Strategy ETF on the Nasdaq was made by Bloomberg’s principal ETF analyst, Eric Balchunas.

“I had said this was launching tmrw it's actually going to be on Friday. sorry about that,” wrote Balchunas on his Twitter (NYSE:TWTR) account clarifying his previous tweet.

The launch of a third ETF, linked to VanEck BTC futures, is expected on Monday, October 25th, which will begin trading on the New York Stock Exchange. The SEC released the prospectus for the company’s ETF on Wednesday.

Both the SEC’s approved Valkyrie and VanEck ETFs are eagerly awaited by Bitcoin fans following the successful launch of the ProShares ETF.

The first fund, ProShares (BITO), launched earlier this week, and has managed to reach close to $ 1 billion in trading volume as of this writing. Meanwhile, the price of BTC soared again, following the news, hitting a new high of $66,752 this week.

On The Flipside

  • Eight years had to pass for the U.S. regulator to approve the first BTC exchange-traded funds (ETFs). The first to apply for such an ETF were the Winklevoss twins.
  • The approval of the first ETF linked to Bitcoin futures has opened the door for dozens of these projects to start operations this year.

Why You Should Care?

  • A further 30 requests for ETF projects linked to digital currencies are awaiting decisions from the SEC.
  • Over the next few days, investors expect the SEC to approve the Invesco Bitcoin Strategy ETF, the AdvisorShares Managed Bitcoin ETF, and the Galaxy Bitcoin Strategy ETF.

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Millions on the Waiting List for Robinhood’s Crypto Wallet
 

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Spencer Watkins
Spencer Watkins Oct 22, 2021 9:13AM ET
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Lotsa other wallets out there.I certainly wouldn't trust RH with my property. They've certainly proven why.
 
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