Vlad Tenev – the Chief Executive Officer of Robinhood – revealed that the company is looking to provide its customers with more cryptocurrency services such as a digital wallet. However, he did not specify when the firm would implement the new offerings.
Is Robinhood Expanding Its Crypto Scope?
The American financial services company – Robinhood Markets Inc. – is reportedly planning to offer more cryptocurrency options to its nearly 18 million users. During a recent public roadshow, CEO Vlad Tenev confirmed the news and highlighted digital assets as a basis of the firm’s future. He added that the customers have been showing growing demand in crypto wallets, so Robinhood would work towards that goal:
“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for. We know you want wallets.”
Tenev mentioned that clients could expect the release of the long-anticipated wallets at “some point” and did not provide any specific timeline. Interestingly, a few months ago, the top executive assured Robinhood would launch the service “as fast as possible.”
Moreover, the retail investment app will reportedly introduce more offerings. Currently, users can not transfer virtual assets in and out of their accounts without the assistance of a cryptocurrency exchange, for example. Tenev asserted that Robinhood would fix this, outlining that it would strictly monitor every additional move out of safety reasons:
“We want to introduce new features safely. And there’s a lot of items we have to get right from the start.”
Robinhood Users Love Dogecoin
The investing app, which is expected to go public this Thursday, recently announced that the popular meme coin – Dogecoin – accounted for 34% of its trading revenue. At the beginning of this month, Robinhood reported a 4% increase in revenue coming from cryptocurrencies. Interestingly, 30% of these earnings came from DOGE.
The Shiba-Inu-inspired coin surpassed market leaders such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Officials of the company warned that Dogecoin trading was so “substantial” that its potential decline in the future could have a highly negative impact on the company:
“If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition, and results of operations could be adversely affected.”
Overall, the total revenue related to cryptocurrencies skyrocketed by more than 300% year-over-year, from $128 million to $522 million.