Robinhood’s Waitlist for Crypto Wallet Has More Than 1M Customers: Report

The feature is in high demand by clients of the popular zero-commission trading app.

Oct 21, 2021 at 9:53 p.m. UTC
Updated Oct 21, 2021 at 9:59 p.m. UTC

The waitlist for Robinhood’s crypto wallet is now more than one million customers long, Robinhood CEO Vlad Tenev said at CNBC’s Disruptor 50 summit on Thursday.

  • Robinhood announced last month it was planning to roll out a crypto wallet in early 2022 that would allow customers to trade, send and receive cryptocurrencies, as well as transfer them to hardware wallets.
  • “Crypto is certainly here to stay as an asset class and the ease of use and the global nature of it, I think, has made it attractive to lots of people,” CNBC quoted Tenev as saying.
  • Commissions from crypto trading accounted for 41% of Robinhood’s revenue in its second quarter, up from just 17% in the first quarter. Overall, Robinhood has said that more than 60% of its customer traded cryptocurrencies in the second quarter.
  • Robinhood is slated to report its third-quarter earnings report on Tuesday, Oct. 26.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.