Is Robinhood Finally Giving Their Users Crypto Wallets?
In short: yes. Though, Robinhood is only planning a soft launch for its crypto wallet.
Covered:
- Robinhood Announces Wallet Waitlist
- Robinhood’s Love For Vague Timelines
Robinhood Announces Wallet Waitlist
Robinhood wallet waitlist. Credit: blog.robinhood.com
Everyone’s favourite “free” trading app Robinhood finally announced when wallets are coming to the exchange. During an appearance at Mainnet 2021, Robinhood Crypto COO Christine Brown said that users who sign up for the waitlist will be a part of a test launch in October.
As far as everyone else, it’s expected the wallets will launch sometime in 2022.
Crypto wallets will allow Robinhood users to interact with the crypto world the way they can with other mainstream crypto focused exchanges like Coinbase. Coinbase famously encourages users to interact with DeFi and other competitors in order to grow the crypto economy.
According to Decrypt, Brown says she wants users to be able to interact with crypto like NFTs but with no fees. Coinbase said in a recent earnings call that they believe in trading fees as a part of their long term business plan.
Interestingly, Brown also added that she sees Robinhood’s aesthetically pleasing UI attracting more female crypto users to combat the “Bitcoin bro-ness” of the crypto world.
Robinhood’s Love For Vague Timelines
Despite announcing the wallet waitlist, it’s still another vague timeline for the free trading app. Yes, the beta is supposed to start in October, but there is no specific date. Not to mention, the full launch isn’t expected until 2022, which might point to Robinhood expecting delays.
Robinhood first announced crypto wallets would be coming to the exchange all the way back in March. Many have been disappointed by Robinhood’s slack delivery on the promise. Especially Dogecoin HODLers looking to at least gain some APY while they watch their investment reverse moon.
Robinhood does seem to have a habit of creating headlines around what they plan to do with crypto. And then take their time in delivering on said headlines.
Recommended: Robinhood Open To Adding Various Crypto Related Products
But, this is yet another sign that Robinhood is serious about crypto. Yes, they take a while, but there is no doubt they are financially incentivized to continue investing in blockchain. Which is a good thing. Overall.
Yes, Robinhood isn’t exactly democratizing finance. Far from it. But, it’s a good gateway to bring new users. See: Dogecoin in January.
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