Vlad Tenev: “there are already more than 1 million people on the Robinhood waiting list”

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The CEO of Robinhood said that more than 1 million users are already waiting for the release of the final version of the application for buying and exchanging seven major cryptocurrencies.

Vlad Tenev told CNBC’s Disruptor 50 Summit that Robinhood now has over a million customers on its waiting list. Last month it became known that the platform is testing a cryptocurrency wallet. This will allow investors to trade, send and receive digital currencies, and move them to and from the Robinhood app. Seven major cryptocurrencies will be available to users, including BTC, ETH and LTC.

“We are very proud of our platform and helping people get more value from the coins they have. We have deployed a waiting list for the wallet. Many people have asked us to provide the ability to send and receive cryptocurrencies, as well as transfer them to hardware wallets. Now there are more than a million people on the list, ”Vlad Tenev said.

Robinhood CEO noted that cryptocurrency will remain an important asset class, and its ease of use and wide geographic reach will make it more attractive to many.

In August, Robinhood analysts published a report according to which in the second quarter of 2020, the profit from cryptocurrency transactions amounted to 2% of the total income of the site, and in the second quarter of 2021, the figure increased to 41%. According to the company, more than 60% of clients traded cryptocurrencies in the second quarter of this year. Robinhood plans to publish its Q3 P&L on October 26th.

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