Robinhood CEO Says Users Can Expect New Crypto Features at ‘Some Point’

• Robinhood CEO Vlad Tenev says the corporate is concentrated on increasing its crypto choices.
• He mentioned customers can count on a crypto pockets at “some level.” 
• It is a glimpse on the firm’s future forward of it is extremely anticipated IPO. 

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Robinhood CEO Vlad Tenev introduced Saturday that crypto is a lynchpin of the retail funding app’s future, and a pockets might be within the works.

“We have been doing quite a lot of work behind the scenes to supply our crypto clients with the performance that they have been asking for,” he mentioned. “We all know you need wallets.” 

Customers can count on a beta launch of latest crypto options at “some level,” he mentioned, however didn’t present any additional timeline. It is a extra tentative proclamation than he is beforehand made. Again in March, Tenev promised customers a crypto pockets “as fast as possible.”

Robinhood users currently can’t transfer crypto property out and in of their account, doubtlessly driving some clients to platforms like Coinbase. Nonetheless, Tenev mentioned that will likely be mounted as effectively.  

“We need to introduce new options safely,” he mentioned. “And there is quite a lot of gadgets we have now to get proper from the beginning.” 

Tenev’s statements got here throughout Robinhood’s public roadshow Saturday, the place the corporate’s prime executives fielded questions from the general public about its upcoming IPO, deliberate for Thursday.

It has been clear for awhile that Robinhood, based in 2013, was veering into the crypto world. Within the firm’s S-1, it revealed that 17% of its first quarter revenue got here from cryptocurrency transactions. 

However the firm has admitted that crypto buying and selling may be a legal responsibility. Dogecoin made up 34% of Robinhood’s first quarter crypto-trading income, in accordance with its IPO submitting. If curiosity within the meme coin declines, the corporate mentioned it might be a threat to the enterprise. 

Particularly in mild of the many, many headlines concerning the firm, Robinhood’s IPO is extremely anticipated. In its regulatory filing, the corporate mentioned it is aiming to lift as a lot as $2.3 billion, with a market valuation at $35 billion on the prime vary. Consistent with firm’s mission to “democratize finance,” it would supply a third of its shares directly to customers through its app.