Robinhood Discusses the Launch of a Crypto Wallet

Robinhood Crypto’s chief operating officer (COO) has released an update on the company’s upcoming cryptocurrency wallet release. In response to a question about whether the platform will list the shiba inu (SHIB) cryptocurrency, the executive discussed Robinhood’s listing strategy.

Christine Brown, COO and VP of Product Operations at Robinhood Crypto, spoke about her company’s crypto strategy at a convention hosted by Yahoo Finance and Decrypt on Tuesday. She also provided an update on the upcoming launch of Robinhood’s crypto wallet.

In response to a question about whether Robinhood will list shiba inu (SHIB) and what the aspects are for adding the meme cryptocurrency, the Robinhood Crypto COO stated, “The first thing is that we’re not going to talk about it.” So, I’m afraid I won’t be able to share that information with you here.” She continued, saying:

But I also think our strategy is a little bit different than a lot of other players out there who are just racing the list as many assets as possible right now.

“We think that the short-term gain that we might get is not worth the long-term trade-off for our users,” she clarified. “We want to make sure we are working and assessing everything from a regulatory perspective very well. And we are a safety-first company so that’s how we’re going to play it.”

Many shiba inu cryptocurrency supporters have asked Robinhood, “When SHIB?” At the time of writing, a petition on Change.org urging the trading platform to list the meme cryptocurrency had received over 526K signatures.

Brown had this to say about the possibility of Robinhood listing SHIB in particular:

One of my favorite things is seeing the community around these coins really engage with us, really let us know what they want.

Launch of a Crypto Wallet, Earnings in the Q3, and a Crypto Investing Strategy

Brown also revealed details about Robinhood’s recently announced crypto wallet launch. Users of Robinhood’s crypto wallet will be able to transfer supported cryptocurrencies in and out of their brokerage accounts. The COO revealed that “we are currently at a waitlist of 1.6 million users who are waiting for this product,” despite the fact that it has been “a few weeks” since the announcement.

The COO revealed some details about what the company has been working on behind the scenes for the wallet in recent months. “We’re building MFA [multifactor authentication] in-app so we know… you’re actually initiating a transfer.” We’re adding checks to transactions to see what wallet they’re going to and to ensure they’re safe or low risk. That is one of the reasons it will take us a little longer to roll this out.” Regardless, Brown confirmed:

We are still on track for a Q1 general availability, late Q1.

Robinhood recently reported third-quarter earnings results, which showed $51 million in transaction-based revenue from cryptocurrency trading, compared to $233 million in the second quarter. Dogecoin transactions accounted for approximately 40% of its cryptocurrency transaction-based revenue (DOGE).

While the platform’s crypto transaction-based revenue decreased in Q3, Brown stated, “Year over year, we are still up 800 percent,” emphasizing, “The retail market is cyclical, so we will see up, we will see down, we should be ready for that.”

Patrick

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