More than 1 million investors are on a waiting list for a Robinhood Markets Inc (NASDAQ:HOOD) cryptocurrency wallet, the trading app’s chief executive Vlad Tenev revealed.
Tenev, speaking at an event run by CNBC, highlighted the high demand for crypto services including the ability to send and receive coins, as well as transfer them to digital ‘wallets’ that allow holders to have custody of their own crypto assets rather than keep them on account with exchanges like Coinbase or trading apps like Robinhood.
The Robinhood boss said crypto is “here to stay” as an asset class and the company is preparing to expand its services in crypto.
Robinhood began offering crypto trading in its app for users in certain locations first with Bitcoin and Ethereum. It subsequently allowed users to trade Dogecoin and Litcoin among a total of seven crypto assets.
Tenev expects the ‘commission-free’ trading app, which has grown its userbase significantly in recent years, will take a cautious approach as it adds crypto markets.
“We’re not generally going to be the first to add any new asset,” he added. “We want to make sure that it goes through a stringent set of criteria.”
