US online trading platform Robinhood claims it has some 1.6m persons registered on the waitlist for the company’s crypto wallet.
This number marks an increase from the 1m people who were waiting for the functionality several weeks ago, according to Christine Brown, Chief Operating Officer of Robinhood Crypto.
The much-awaited wallet is scheduled to be launched late in the first quarter of 2022, Brown said yesterday at a crypto investing industry conference by Decrypt and Yahoo! Finance, as reported by Reuters.
In late October 2021, Vlad Tenev, CEO of Robinhood, said the move was related to the rapidly increasing importance of cryptocurrencies for its platform.
“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” Tenev said at CNBC’s Disruptor 50 summit.
Per the CEO, many 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.”
Tenev also said that cryptocurrencies are “certainly here to stay” as an asset class, while its global nature and the ease of use have made it “attractive to lots of people.”
Amid an intensifying competition for crypto users among fintechs, last September, Robinhood announced it was rolling out crypto recurring investments. The company said the platform’s users would be enabled to buy cryptoassets on a regular basis, commission-free and starting at USD 1 on a daily, weekly, biweekly, or monthly schedule.
This US business was not the first platform to provide such a feature to users, preceded by competitors such as the UK-based Revolut who also offers the recurring buy functionality to its customers.