Robinhood has confirmed they are rolling out a crypto wallet with the fintech broker launching a waitlist for those that want to join. It said:
“Starting next month, the first customers will begin testing crypto wallets on Robinhood… After that, we will continue to roll out access to more and more customers through our waitlist.”
While their circa 25 million customers currently can trade major cryptos on the app, they can’t deposit or withdraw bitcoin.
“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly,” Robinhood’s Chief Executive Officer Vlad Tenev previously stated.
They’re now slowly beginning to make it available to the public, something that may increase competition for Coinbase, Kraken, or other crypto wallets and exchanges, while increasing the infrastructure for physically holding bitcoin.
They do not specify which cryptos will be available initially, but in their last quarter, crypto trading accounted for 41% of its net revenue, or about $233 million.
Making cryptos a big part of their operations, with the company stating the availability of the new wallet may depend on the approval by regulators in certain states.