When Is Robinhood Crypto Wallet Coming Out

Stock and crypto trading platform Robinhood wants to be more than a trading platform.

Long term, Robinhood wants its digital wallet to be the identify where “you manage all your money,” CEO Vlad Tenev said in its third quarter earnings phone call on Wed (November. 2). That means everything from straight depositing your paycheck to making the Robinhood debit card “people’southward primary spending account” to investing for retirement — the latter cheers to the new IRA product it launched.

“We want Robinhood to be the highest value and best user experience tool for you lot to manage all of your money” including customers unabridged portfolio and entire wallet, he added. “The second affair is, we want Robinhood to be the default choice for your outset financial account. So that entails always existence focused on the adjacent generation of customers.”

Curt term, Tenev would like to exist dorsum in the black.

While Robinhood saw its shares leap 4.half dozen% in after-hours trading when it shell analysts expectations, that included a net loss of $0.20 per share instead of the $0.31 estimated, Reuters said. And it posted revenue of $361 one thousand thousand — $6 million above estimates.

Notwithstanding, monthly active users missed too, coming in at 12.2 million versus 13.7 million expected. That’due south down from eighteen.9 one thousand thousand a year agone.

Revenues from trading in cryptocurrencies was a particularly weak expanse, dropping 12% to $51 1000000 as crypto exchanges broadly have reported a big driblet-off in trading this twelvemonth. That was a issue of the crypto winter carry market, which saw not merely lower prices but less of the toll volatility that powers trading. That will play a large role in top U.S. crypto exchange Coinbase’s Q3 results, which will exist released Thursday (Nov. three).

Open Wallets

On the crypto front, Robinhood’s big news is the Robinhood Web3 Wallet, which it opened in beta to a limited group of 10,000 members of the 1 one thousand thousand-plus waiting list in belatedly September.

Calling the decentralized web — Web3 — “the time to come operating system of financial services,” Tenev emphasized the attention paid to safe custody and a simple and intuitive mobile experience. But he added, “they actually beloved the no gas fee” trading. Given that gas fees are imposed and collected by blockchains, not exchanges like Robinhood, and can be especially high on ethereum and bitcoin, it’s an aggressive competitive motility.

While Robinhood hasn’t yet closed its acquisition of U.Yard. crypto exchange Ziglu, citing regulatory doubtfulness, Tenev said it is ane of “several pathways to international expansion, including launching our Robinhood wallet globally early on next twelvemonth … this will actually exist our first product bachelor to customers all over the globe.”

That wallet will see more than cryptocurrencies, as the firm is expanding the coins it supports, admitting cautiously, he said. This included its offset stablecoin, USDC.

Trust Matters

One crypto offering that Tenev highlighted was crypto lending. Specifically, he said that Robinhood had never offered the highly profitable simply risky product — which blew upwards in spectacular fashion before this twelvemonth when a number of lenders offering double-digit returns fell into bankruptcy, with Celsius and Voyager Digital leading the mode.

“We promise that customers understand and appreciate that nosotros’re moving carefully, and sometimes that ways moving a little bit slower than a lot of these other crypto companies,” Tenev said pointedly. “I remember this is a great example of edifice the trust that we were just talking most.”

Other products coming downwards the line include a credit card to complement its Robinhood Greenbacks Bill of fare debit carte.

To encourage direct deposits, Robinhood is rolling out the ability to auto-invest paychecks and take “two days early pay.” But, he added, earning the trust to be “someone’s paycheck direct eolith institution of selection is going to accept time.”

Which is much the same thing he said when asked about progress winning dorsum customers after the January 2021 GameStop stock debacle.

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Source: https://www.pymnts.com/cryptocurrency/2022/robinhood-preps-for-launch-of-global-crypto-wallet/

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