BREAKING NEWS: September 22nd, 2021-Robinhood Co-Founder and CEO, Vlad Tenev, announced via Twitter that the gargantuan investing app will be implementing cryptocurrency wallets soon! It will be interesting to see how established Cryptocurrency Exchanges like Coinbase, Gemini, Kraken, and others, all react to this massive news of a new giant preparing to encroach on their territory. But, for the crypto community as a whole- this is a big break!
Robinhood, like any other company that attains massive levels of success, has many fans and also many critics- but we’re guessing they just gained a few more fans today, particularly fans who have an interest in cryptocurrency. As of this writing, Robinhood’s Market Cap is $38.54 Billion USD, but- once crypto wallets debut on Robinhood-there is a chance this number could skyrocket, dare we say, “to the moon?”
While many people are already buying Bitcoin, Dogecoin, Litecoin, Ethereum, and more on Robinhood- there isn’t really anything you can do with crypto you buy from Robinhood right now… but that is apparently about to change.
While it’s not exactly clear how Robinhood’s crypto wallet offering will work, ostensibly you will have the ability to transfer crypto you purchase on Robinhood off of the platform and in to cold storage or your own crypto wallet AND it will certainly create even more liquidity and trading opportunities for Robinhood and their users IF there is also the ability to transfer crypto into your Robinhood crypto wallet from separate/external wallet addresses and also the ability to transfer crypto between Robinhood wallets.
Some questions people are already asking on Twitter about the Robinhood Crypto Wallets include: Will you have your own private keys/seed phrases or will Robinhood control these? Can you only store currencies that are on Robinhood? What about NFTs? And the list goes on, but-there is already a waitlist users can join if they so choose, and we’d guess more news will be coming soon.
Hopefully, today is a great step in the right direction for cryptocurrency because it’s possible Robinhood’s massive fanbase will help advance cryptocurrency adoption across the USA and across the rest of the world.
It’s worth a shot, right?
It seems perfect timing for a prominent company like Robinhood to double down on the crypto efforts, just as regulators in the USA and across the world are attempting to zero in on crypto for really no good reason at all. Considering Robinhood has relationships with a plethora of the largest hedge funds and biggest banks in the world, it’s a very bullish sign for Robinhood investors and crypto investors alike to see Robinhood step forward even further in the the world of crypto.
Not only has Robinhood been a great booster of the crypto community in the last year or 2, particularly driven by the influx of users who started to stay home during the COVID-19 Pandemic, but Robinhood has quietly been the real platform to onboard many people to cryptocurrency for the first time because many of these same folks suddenly became retail investors who bought stocks and their 1 cryptocurrency through Robinhood.
Now that we’re talking about it-it’s really no secret any longer, especially after Robinhood decided to IPO and release more statistics about their growth, that many people gained their first exposure to cryptocurrency in 2020, 2021, and surely in 2022 as well, not from established “crypto exchanges” like Coinbase, Kraken, Gemini, or others, but instead from Robinhood.
Since Robinhood was already established as a trusted place for buying stocks, many agree it was a very savvy move for the company to install the ability to buy exposure to cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and more. Surely, no cryptocurrency in the world saw more boost in popularity thanks to Robinhood than Dogecoin. With the relatively low prices of just cents per Dogecoin, and with the perfect marketability and “meme” boost, Dogecoin has relatively already gone to the moon in some ways thanks to Robinhood. Virtually no other cryptocurrency project has seen a meteoric rise directly attributed to Robinhood in the same way Dogecoin has. While we can’t confirm or deny the rumors, it has been reported that Robinhood actually has the largest amount of Dogecoin of any single holder on earth because all Dogecoin you purchase has gone straight in to their wallet. Since many Dogecoin hodlers have had their coins tied up on Robinhood for a long time, today will be a tremendously exciting day for many who now know their time waiting to really start using their DOGE and other crypto is coming close. Now, not only will Doge and other crypto have a better change of going “to the moon,” but it feels somewhat like the rocket boosters will be on full blast.
BUT-“buying” crypto on Robinhood always has had one major caveat that has made it difficult for real crypto advocates to use in good conscience because the crypto you bought/buy through Robinhood never really was/is your crypto at all in many people’s eyes.
Since you could not/still currently cannot transfer purchased crypto out of Robinhood, and since your crypto is not held in any wallet you can assess- plus you don’t have any “keys” or “seed phrases/recovery phrases”- most cryptocurrency advocates feel that really you’re just paying to get exposure to crypto but you don’t really own the crypto you purchase on Robinhood since you can’t go shop with crypto or send it to other wallets when you buy from Robinhood. Clearly, this is something that needs to change in order to have more people worldwide start adopting cryptocurrency in a more widespread fashion.
Well, well, well. It seems your voices have been heard by the people over at Robinhood, crypto community!
After robust amounts of requests coming from nearly every corner of the cryptocurrency community asking for a way to transfer crypto out of Robhinhood, it appears Robinhood is preparing to take the next step in their company’s evolution from “Free Investing App,” to full-blown global financial powerhouse.
While many people in the crypto community are rejoicing right now and looking forward to transferring their crypto from Robinhood to Cold Storage soon, others are certainly out there finding a way to make this news something less than positive or are saying “too late.”
But, really, this is a great moment for crypto and this type of widespread adoption from large US companies of every ilk is exactly what our favorite cryptocurrencies like Bitcoin, Dogecoin, Ethereum, and others, really need in order to attain long-term success and widespread adoption, because it’s that much harder for regulators to stop the movement that is cryptocurrency from advancing forward every time a new company or individual shows interest in crypto.
Whether you are mining Bitcoin or buying Dogecoin or doing anything else related to crypto, it appears you fans of Robinhood and cryptocurrencies like Dogecoin, Bitcoin, Ethereum, and more, may soon have a place to store your funds with Robinhood Crypto Wallets if you so choose.