Robinhood Stumbles While We Wait for The Crypto Wallet Feature

LeoFinance
2 months ago
2 Min Read
349 Words

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Robinhood was dealing with some 'technical issues' today, but chief operating office Christine Hall says that the company's crypto wallet has a waitlist of 1.6 million users. They were investigating reports that some customers were experiencing issues transferring money in and out of Robinhood just as the company said that it is giving wallet access to some users.

Last Thursday Robinhood CEO Vlad Tenev spoke at a conference called the Disruptor 50 Summit and explained that the waitlist for the company’s recently announced crypto wallet has 1 million sign-ups so far.

At the conference he said,

“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,”
source

Today that number has climbed to 1.6 million users! Robionhood for all its faults has a ton of users that can move markets. Just look at AMC, GME and DOGE which were huge momentum trades fueled by the no commission brokers users.

One of my problems with Robionhood's crypto feature is the spread and the fact that you don't actually own your coins because they can not be transferred. With the implementation of the wallet feature I'm more likely to not bash their platform because they have solved one major issue I have had. Vlad knew this was issue too and I appreciate his recent comments on the issue.

“We rolled out our wallet’s waitlist. A lot of people have been asking for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate and the crypto wallets waitlist is well over a million people now.”
source

So what impact will wallets have on the market. I'm not surer we will have a huge price spike, but it may bring some new money into the space. My real hope is they decide to list the meme coin Shib for my own selfish gain. I think the wallet is a great first step and I hope to see more innovation as their users are powerful.

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