Robinhood’s Vlad Tenev Works On Creating A Cryptocurrency Wallet

Robinhood’s Vlad Tenev works on creating a crypto wallet and said one will come soon all while talking with his engineers to improve on the platform’s crypto offering so let’s read more in our latest cryptocurrency news.

He said that he is “bugging” his team to create a cryptocurrency wallet for the trading platform. Robinhood’s Vlad Tenev said that the company is working on a crypto wallet feature as fast as possible, revealing in a “fireside chat” that was posted on Youtube a day ago. He said:

 “As much as people are bugging me on that on social media, I’m bugging our crypto team and our software engineers. We’re going to try and get that done as fast as possible.”

That’s not all he revealed as he suggested that the upcoming crypto wallet could be accompanied by new cryptocurrencies:

 “We’ll see. We might add some new coins along the way.”

Tenev’s eagerness to involve crypto on his platform makes sense because its platform already has 6 million new users from the start of the year. The Robinhood Crypto app gives the customers a chance to purchase and sell BTC, ETH, and other cryptocurrencies. But, like PayPal, Robinhood doesn’t let the users transfer their funds in and out of their account but said that they are considering adding this feature in the future.

But it wasn’t all that simple for Robinhood over the past few months. The central message is that it is a trading platform that is dedicated to decentralized finance but in January, it froze the trades of GameSTOCK-GME after they surged in value due to a joint effort by the WallStreetBets Reddit group. The fact that this company can shut down trading on stocks seems to show all of the problems centralized platforms have. CoinShares CSO Meltem Demirors said at the time:

“Robinhood just delisted $GME, $AMC and $NOK. This is some clown shit.  Either Robinhood allows free trading like they say they do or they die. It’s really that simple.”

Robinhood lifted the restrictions shortly after and explained that it imposed them because it didn’t have enough cash in hand to meet the regulatory requirements. Tenev is hoping that the launch of the fully-featured crypto wallet will satisfy the crypto community and will get them to use the platform even more.