Robinhood has a waitlist for its cryptocurrency wallet that now amounts to over 1 million customers, CNBC reported.
CEO Vlad Tenev told CNBC that the development has shown the importance of crypto.
“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” Tenev said, per the report. “We rolled out our wallets waitlist. 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.”
This comes after an announcement that Robinhood was testing a crypto wallet feature, letting investors trade, send and receive digital currencies, moving them in and out of the Robinhood app, according to the report.
Tenev said users can “have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” as well as access “certain advantages,” the report stated.
The wallets will allow clients to combine their digital coins into a single account, letting clients trade, send and receive cryptocurrencies to and from other wallet addresses, according to the report.
Robinhood offers several digital coins, including bitcoin, Ethereum and Litecoin.
Robinhood has been “seemingly going all in” on crypto, according to a previous PYMNTS report.
Read more: Robinhood Pulls Fresh Growth Arrow From Its Quiver, Goes All in on Crypto Wallets
The crypto wallet is a way to conduct business without having to convert the holdings to fiat currencies. The features have also been tied to a beta version of the company’s iPhone app.
By bringing the wallets on board, Robinhood may be leaping from the regulatory pan into the regulatory fire. The Securities and Exchange Commission (SEC) is already looking into the controversial practice known as payment for order flow, wherein brokers receive compensation for routing trades to a particular market maker.
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