Zero-commission brokerage Robinhood Markets has a large base of eager users ready to tap its cryptocurrency wallet, expected to launch early next year, according to news reports.
The waiting list for the new feature now counts 1.6 million people, Christine Brown, chief operating officer of Robinhood Crypto, said on Tuesday at a conference held by Decrypt and Yahoo Finance, according to Reuters.
That’s up from 1 million users who were on the list just a few weeks ago, according to Brown, the newswire writes.
The crypto wallet would allow Robinhood users to move digital currencies supported by the firm in and out of their brokerage accounts, according to Reuters. Brown said that the wallet is expected to launch late in the first quarter of 2022 as planned, the newswire writes.
Robinhood’s crypto business was reportedly delaying the firm’s initial public offering due to scrutiny from the Securities and Exchange Commission, Bloomberg reported in June. At the time, the firm was already allowing clients access to the cryptocurrencies Bitcoin, Ethereum, Dogecoin and Litecoin through Robinhood Crypto.
Robinhood debuted the IPO in July.
It’s unclear how the recent data breach, which affected seven million Robinhood users, or about a third of its customer base, will affect the crypto wallet waiting list.
Meanwhile, Robinhood may face competition from its stodgier rivals as interest in cryptocurrencies has been sweeping the traditional wealth management space.
Banks and other financial firms — including JPMorgan, Morgan Stanley, Wells Fargo, UBS, Citigroup and Goldman Sachs — have added around 1,000 crypto-related jobs since 2018, according to a recent report.
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