Robinhood Crypto Wallet Waitlist 'Well Over a Million People'

Vlad Tenev, CEO and co-founder of Robinhood, revealed that the waitlist for the firm's crypto wallet is now more than "a million people."

Key Points

The crypto asset class is here to stay, according to Robinhood CEO and co-founder Vlad Tenev. 

“We can probably debate, but crypto certainly is 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, not just in the U.S., but overseas,” Tenev told CNBC during a recent interview. 

“There’s also certain events that happen, so cryptocurrency entering the mainstream this year I think got a lot of people interested in cryptocurrencies,” he added.

The Robinhood CEO also said the platform’s crypto wallet waitlist is “well over a million people now,” and that this represents “an opportunity to continue growing that business.”

Robinhood’s crypto moment

Robinhood became a public company in July and has since shown several signs of users pivoting to crypto on its platform.

Robinhood’s Q2 earnings report—the first since Robinhood went public—showed that over 60% of its funded accounts traded crypto during the reporting period.

Earlier this summer, Tenev also hinted at the company’s proposed crypto wallet, previously recognizing that there’s been “a ton of enthusiasm from the crypto community.”

“You will have a range of activity,” he said, when asked if Bitcoin was the most popular cryptocurrency offered by Robinhood.