Robinhood, the American financial service company, has rolled out its much-awaited cryptocurrency wallet to two million users who were on the waitlist. Users, now, will be able to send and receive crypto. However, due to local regulations users in the American states of Hawaii, Nevada, and New York will not have access to the crypto wallets.
Aparna Chennapragada, Robinhood’s Chief Product Officer, announced the company’s crypto wallet at the Bitcoin 2022 Conference in Miami. She also took to Twitter to say that RobinhoodApp has rolled out wallets access to the nearly two million people on the WenWallets waitlist. This is a major step forward for the company.
Robinhood initially tested the wallet in Q3 of 2021. The wallet doesn’t support NFTs and ERC-20 tokens. It is to be seen whether Robinhood’s latest product will help the company get out of a slump in terms of crypto revenue. The crypto revenue had declined significantly from $233 million in Q2 to $51 million in Q2. The company’s share price had also taken a hit since its IPO. Currently, it’s sitting only a little above its all-time low.
Chennapragada highlighted that the company would play a very active role in crypto and shaping it. But it will not come in the form of buying crypto. Robinhood has no plans to buy crypto assets with cash. It’s planning to introduce more crypto features through crypto gifting. This allows users to send crypto to others as a gift. Chennapragada pointed out that Robinhood continuously collaborates with the community and its users to ensure that the product fulfills their demands.
