Robinhood Crypto Wallet Waitlist Hits 1 Million, CEO Says

Popular retail brokerage platform Robinhood Markets Inc HOOD has more than one million people in line for its upcoming crypto wallet.

What Happened: Speaking to Jim Cramer at the CNBC Disruptor 50 Summit, Robinhood CEO Vlad Tenev confirmed this, adding, “A lot of people have been asking us for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate,” said Tenev. “We see an opportunity to continue growing that business.”

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Last month, the company said it would be rolling out a pilot sometime in October, using a small group of customers to test wallets on Robinhood.

Sign-ups were made available on the wenwallets.com website, and based on the CEO's comments on Thursday, the waitlist appears to have been met with an overwhelming response from users in a little over a month.

What Else: Despite Robinhood’s success with Dogecoin DOGE/USD, Tenev told Cramer the company currently has no plans to add Shiba Inu SHIB/USD to its list of supported cryptocurrencies.

“We only offer seven coins currently. And I think it goes back to safety first, right. So we’re not generally going to be the first to add any new asset. We want to make sure that it goes through a stringent set of criteria,” said Tenev.

HOOD Price Action: Robinhood is down Friday morning 2.40% at $40.29.

Photo: Ernesto Velázquez on Unsplash