Robinhood’s Cryptocurrency Wallet has Exceeded 1.6 Million Signups

Robinhood is a stock trading application that has revolutionized the world of investing forever. The company decided to introduce cryptocurrency trading as soon as three years ago. Recently, Robinhood CEO Vlad Tenev has introduced a new feature to the application that has gained massive popularity among investors. This new feature is a cryptocurrency wallet, where investors can store, exchange, and quantify their reserves.

Tenev was attending the CNBC Disrupter 50 summit this week when he opened up about the progress on this new feature. He told the media that the company has recently updated the waitlist for the new cryptocurrency wallet. According to the latest statistics, the number of people who have been added to the waitlist has exceeded 1.6 million at press time.

Good News for Crypto Market

Adding to her comment on the new digital wallet feature, Robinhood CEO Vlad Tenev claimed that the fact that an overwhelming number of people are interested in the new feature is good news for the crypto market. He further added this enthusiasm translates that cryptocurrency trading is likely to keep gaining more investors in the future.

This new feature was introduced by Robinhood just a month ago as a test option. At the time, the investors can gain access to a many as seven types of cryptocurrencies on the online trading platform. CEO Tenev claimed that this new feature is going to transform the application into a global phenomenon, and investors would also be able to send and receive digital assets to and from hardware or other digital wallet addresses.

Robinhood CEO was invited to ring the bell at NASDAQ, the second-largest exchange market, on Tuesday. The CEO proceeded to reveal the quarterly report of the company after ringing the bell. He noticed that the trading volume on the platform was shrinking and urged the investors to pay heed to this development. He also claimed that if the trading activity continues to fall in the third quarter of 2021, the company could hit the brokerage top.

On Tuesday, a new wave of bullish development was generated in the cryptocurrency markets after the listing of the first-ever Bitcoin ETF by ProShares. Since then, the price of the flagship cryptocurrency has gone on to increase as much as $66K. Many technical analysts claim that Bitcoin has entered the second leg of the bullish ascend and it can breach $100,000 before the end of 2021, while others warn about a massive price correction.