The chief operating officer (COO) of Robinhood Crypto has provided an update on the company’s upcoming cryptocurrency wallet launch. The executive also discussed Robinhood’s listing strategy in response to the question of whether the platform will list shiba inu (SHIB) cryptocurrency.
Robinhood Crypto’s COO Discusses Listing Strategy as Petition to List SHIB Gains More Supporters
Christine Brown, Robinhood Crypto’s COO and VP of Product Operations, talked about her company’s crypto strategy at a conference Tuesday held by Yahoo Finance and Decrypt. She also provided an update on Robinhood’s upcoming crypto wallet launch.
Replying to a question about whether Robinhood will list shiba inu (SHIB) and what the considerations are for adding the meme cryptocurrency, the Robinhood Crypto COO noted: “When it comes to our strategy of what we are going to list, the first thing is that we’re not going to talk about it. So I’m not going to break that news here, unfortunately.” She elaborated:
However, I think that our strategy is slightly different from a lot other players who just want to get as many assets on the market as they can right now.
“We think that the short-term gain that we might get is not worth the long-term trade-off for our users,” she clarified. “We want to make sure we are working and assessing everything from a regulatory perspective very well. And we are a safety-first company so that’s how we’re going to play it.”
Many shiba inu crypto supporters have been asking Robinhood, “When SHIB?” A petition on Change.org urging the trading platform to list the meme crypto has received more than 526K signatures at the time of writing.
Brown expressed concern about Robinhood listing SHIB specifically.
My favorite thing is to watch the people who use these coins interact with me and tell us what they need.
Crypto Wallet Launch and Q3 Earnings.
Brown shared details about Robinhood’s recent crypto wallet launch. Robinhood’s crypto wallet will allow its users to move supported cryptocurrencies in and out of their brokerage accounts. Noting that it has been “a few weeks” since the announcement, the COO revealed: “We are currently at a waitlist of 1.6 million users who are waiting for this product.”
She detailed: “We are actively in our alpha so we do have users we are onboarding who are actually getting access to this product today, right now. We are still moving slowly because we place safety first. We want to build features that have the right security in mind with our users and what they’re going to be doing.”
The company’s COO gave details about what they are doing behind closed doors to improve the wallet in the past few months. “Things that we’re doing, we’re building MFA [multifactor authentication] in-app, so we know … you’re actually initiating a transfer. We’re adding checks on transactions to kind of see what wallet they’re going to, make sure that they’re safe or low risk. And that’s one of the reasons why it’s going to take us a little bit longer to roll this out.” Nonetheless, Brown confirmed:
Still on schedule for Q1 general availability in late Q1.
Robinhood has just reported third quarter earnings. Its transaction-based cryptocurrency trading revenue was $51million, up from $233 million the previous quarter. Transactions in DOGE (Dogecoin) accounted for 40% of Robinhood’s cryptocurrency transaction-based revenues.
While the platform’s crypto transaction-based revenue fell in Q3, Brown pointed out that “Year-over-year, we are still up 800%,” emphasizing, “The retail market is cyclical so we are going to see up, we are going to see down, we should be ready for that.”
She also commented on the opinions of some crypto skeptics claiming that crypto investing is either “crazy or stupid.” Brown noted:
57%, or the vast majority, of Americans see crypto as a long-term investment. It’s not people that are just getting in and gambling and wanting to see a quick pop.
Are you positive Robinhood will publish SHIB on its website? Comment below.
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