Robinhood Starts Slowly Rolling Out Cryptocurrency Wallets
During a recent interview with Bloomberg, Robinhood Chief Legal Officer Dan Gallagher expressed great enthusiasm about the ongoing rollout of the cryptocurrency wallet, describing it as “a big event” for Robinhood:
The rollout of the crypto wallet is a big event here at Robinhood.
As U.Today reports, Robinhood introduced the cryptocurrency wallet to the first 1,000 users during the beta testing phase of the feature in January.
In late January, Dogecoin co-founder Billy Marcus said that the rollout of the crypto wallet was a big deal for the flagship meme coins as it would enable additional use cases. Previously, Robinhood users were only able to buy DOGE to speculate on its volatile price action, but the hotly anticipated feature would make it possible for creators to tip and buy products with the red-hot canine meme coin.
Gallagher, a former commissioner of the US Securities and Exchange Commission, claims that crypto is “a really important asset class” that deserves attention, adding that regulators should not be too harsh on it.
The legal executive also addressed Robinhood’s falling stock price during the interview, saying the Menlo Park-based company is playing the “long game.”Robinhood stock is down 84% since hitting its current high of $85 in early August amid dwindling demand for meme stocks and crypto.
The company announced that it would be launching crypto trading for users outside the US during its earnings call last month.
Robinhood CEO Vlad Tenev and other executives have spoken out in favor of adding more cryptocurrencies to its modest lineup, but being a public company complicates the process. The Shiba Inu community has been urging online brokerages to add Meme Coin for months to no avail.