More than than 1 one thousand thousand people are on the waitlist for Robinhood's long-awaited crypto wallet, according to CEO Vlad Tenev.

Speaking to Jim Cramer during CNBC's Disruptor fifty summit on Th, Tenev stated that he was very "proud" of Robinhood's progress in crypto equally he highlighted the firm's recent push to provide a crypto wallet for its users:

"A lot of people take been asking usa for the power to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate. And y'all know, the crypto wallets waitlist is well over a one thousand thousand people at present, which is very exciting."

"We see an opportunity to continue growing that business," he added.

Robinhood users have long urged the company to develop a crypto wallet every bit the platform currently does not support deposits or withdrawals, and only allows users to purchase crypto with U.Due south. dollars and trade digital assets on the platform.

On Sept. 22, Robinhood finally announced its plans to roll out a digital asset wallet and opened upwardly a waitlist for starting time access to the new feature. A Robinhood representative told Marketplace Watch concluding month that the wallet will debut this month for some users, and will eventually open up to all users in early 2022.

During the event, Tenev emphasized the importance of the emerging crypto sector, noting that it's "here to stay as an asset course" and it holds specific advantages, such as being able to connect a global market place.

"Then, yous know, regardless of where y'all are in the world, whether you lot're in the United States or overseas, you lot can have a wallet, you can send people cryptocurrencies from that wallet to their wallet.," he said.

Related: Robinhood launches 24/seven phone support, crypto users included

Robinhood kickoff launched Bitcoin (BTC) and Ether (ETH) trading in 2022 for customers in five U.S. states. Robinhood has since expanded its altcoin support to assets such as Dogecoin (DOGE) and Litecoin (LTC), and currently allows traders based in all but four U.South. states to access its commission-gratis crypto trading services.

When Teven was asked if Robinhood would expand support to Shiba Inu (SHIB), the CEO suggested that it was unlikely someday soon every bit he cited the firm's stringent list policy.

"We only offer vii coins currently. And I think it goes back to safety first, correct. So we're not mostly going to exist the first to add any new asset. We want to make sure that it goes through a stringent set of criteria."

Speaking on the firm's vision, Tenev argued that Robinhood offers a greater chance for financial inclusion than its competitors, as he asserted that its commission-free trading structure "inverse the industry."

"I think that, you wait at cryptocurrencies, for case, people are still paying 3%, 4% fees to access that market place. You see a lot of opportunities to serve more customers that accept even less coin, who are even more underserved than the people we have at present," he said.