Robinhood crypto wallet waitlist reaches 1 million customers

Karthik Subramanian

Robinhood, one of the largest trading platforms in the US, has said that its crypto wallet waitlist now has more than 1 million customers who have signed up showing the increasing interest in the digital assets market.

Over the last year or so, Robinhood has been leaning heavily on the crypto market after having realized that the user interest in the market increasing over the last couple of years. This provided an additional revenue stream for the company as its normal revenue streams like payments for order flow have come under increasing scrutiny from the regulators like the SEC. The crypto market seemed a bit free from such regulatory oversight at that time and there continue to be regulatory loopholes in the crypto market even now which is one of the reasons why the trading platforms are rushing towards embracing the crypto industry as it gives them the freedom to operate freely, at least for the short term.

“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” CEO Vlad Tenev said. “We rolled out our wallets 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.”

As part of its approach towards crypto, the platform has now chosen to offer its digital wallet to its customers who would now be able to store all their digital assets in the wallet. They would no longer need to convert their digital assets into fiat and can continue to use the wallet to store crypto, trade, send and receive cryptos as well. This helps them to unify all their crypto holdings into a single wallet and this feature is currently under development at Robinhood. But with the SEC continuing to view crypto with suspicion, this move might get Robinhood into even more regulatory trouble shortly.

The platform is already under scrutiny over its main revenue model of payments for order flow and it is speculated that this practice might be shut down by the SEC which would place its revenues in jeopardy. With Robinhood now looking to go all-in into crypto, SEC may not view this move favorably and the scrutiny is only bound to increase shortly.

Read this next

Digital Assets

Valkyrie pulls back on Ether futures merge with Bitcoin ETF

Valkyrie Funds LLC will suspend the purchase of Ether (ETH) futures contracts for its Valkyrie Bitcoin and Ether Strategy ETF (BTF.O). Additionally, the firm will unwind any positions in Ethereum that it has already acquired.  

Digital Assets

Hong Kong police arrest 18 in $1.5B billion JPEX fraud

The investigation into the JPEX crypto exchange scandal continues to unfold as Hong Kong and Macau police arrest four more individuals. These arrests, which include individuals considered “relatively close to the core” of the scandal, bring the total number of detentions to 18.

Digital Assets

Gemini tells Dutch users to withdraw assets by November 17

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced that it will cease providing services to customers in the Netherlands, citing regulatory requirements imposed by the country’s central bank.

Digital Assets

SEC puts BlackRock, Valkyrie, and Bitwise Bitcoin ETFs on hold

The U.S. Securities and Exchange Commission has delayed its decisions on several bitcoin exchange-traded fund (ETF) proposals, leaving many in the crypto industry feeling pessimistic for any future blessing from the agency.

Digital Assets

Ripple backs out of Fortress Trust acquisition

Ripple has decided to cancel its planned acquisition of Fortress Trust, a custodian company, less than a month after initially announcing the agreement.


France regulators blacklists 21 FX brokers, FuturBTC

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), today shed light on several unregulated forex brokers representing their offering under several brands. Notably, the AMF has identified only one crypto-assets provider in its latest warning.  

Digital Assets

Flare and Arkham Collaborate for Enhanced Decentralized Data Access

Flare’s blockchain for decentralized data acquisition integrates with Arkham’s Intelligence Platform, offering users advanced analytics and actionable on-chain insights.

Industry News

iFX EXPO International 2023 Successfully Concludes

The most talked about financial event of the year took place in Limassol, Cyprus.

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Securing the 58th spot in Traders Union’s Best Forex Brokers of 2023 ranking, Plus500, despite its cautionary overall score of 6.3 out of 10, stands out for its stringent regulatory compliance, user-centric WebTrader platform, and a commendable focus on account security, though it lags in providing advanced trading tools and trust management features.