Robinhood, one of America’s most popular online brokers, might be working on expanding its crypto-related services. The firm’s Chief Executive Officer, Vlad Tenev, explained that he has been ‘bugging’ his team regarding the wallet’s creation. This means that the company might soon offer wallet-related services to customers.
This comes after the firm experienced a messy situation regarding the WallStreetBet incident, where a Reddit group conspired to drive up Gamestop and other stock prices. The company received backlash on social media to restrict people from purchasing that stock, thereby stopping them from making potential profits. The broker firm explained that it doesn’t want to be a party to the conspiracy, leading to the restrictions imposed on accounts.
Robinhood is working on creating a crypto wallet
Although there has been no official announcement from the firm, the top executive explained that it was working on the crypto wallets and would be available as soon as possible. The CEO revealed this news on YouTube, and it has caused an uproar on social media as Robinhood users anticipate the new creation. The entrepreneur explained that the demand for crypto wallets from users necessitated his move to ensure that his team works on the platform.
He added that he and his software engineers would be the platform available for users soon. The businessman explained that the company is expanding its crypto-related offerings, and that might include cryptocurrencies.
Tenev spoke about the upcoming creation and how it could include the firm’s addition of new digital assets. Although the entrepreneur has not confirmed it, he said, ‘We’ll see.’ Many Robinhood users have been agitating for more cryptocurrencies, which made the firm’s top executive add, ‘We might add some new coins along the way.’
The brokerage company previously offered stocks strictly and has now warmed into the crypto market. Although the firm offers many digital assets, many coins are still not listed on the platform.
Tenev reveals that the firm could add new coins
The company is going all-out with its crypto outlook as the platform continues to grow in profits and users. The platform had over 6 million new users who joined in 2021. This shows that the firm is performing impressively, especially with the addition of crypto-related services.
Robinhood offers top-tier cryptos, such as Ethereum and Bitcoin, and a few others. Users can trade the platform’s assets, making it convenient for users to sell their holdings for cash. Unfortunately, Robinhood is yet to allow users holding crypto assets within the exchange to transfer to other platforms. This is similar to PayPal’s situation as users cannot transfer holdings purchased on the online payment platform to other wallets.
Tenev explained that Robinhood would also allow people to transfer their holdings to other wallets, making it convenient for them to settle their transactions. Sources explained that when the firm completes the wallet creation, it will allow users to transfer cryptos to other wallets. This is excellent news from Robinhood, especially after months of receiving backlashes on various media regarding the GameStop incident.