Robinhood head calls cryptocurrencies the backbone of the company’s future growth

July 26, 2021

Robinhood head calls cryptocurrencies

Online broker Robinhood intends to expand its offering in digital assets as it considers cryptocurrencies to be the cornerstone of its future development. This was announced by the company's head Vlad Tenev at a pre-IPO roadshow, Business Insider reports.

"Behind the scenes, we've done a lot of work to give our cryptocurrency customers access to the features they've been asking for. We know you need wallets," Tenew said.

Robinhood announced cryptocurrency-related features in March. At the time, Tenyev promised that the service would be added to the platform as soon as possible.

Right now, users of the app cannot deposit or withdraw assets from cryptocurrency accounts. According to Tenev, the company will fix this situation, but when exactly, he did not specify.

Earlier, Robinhood's plans to allow customers to withdraw cryptocurrencies to third-party wallets were announced by the broker's chief operating officer Christine Brown.

At the roadshow, the head of the company noted that work on the announced functionality has been slow due to the fundamental features of distributed network-based assets. In particular, he drew attention to the immutability of blockchain data in terms of chargeback and erroneous transactions.

"We want to integrate new features safely. And there are a lot of things we have to do right at the start," Tenyev explained.

Jason Warnick, the company's chief financial officer, also noted the important role of digital assets in the development of the online brokerage. Robinhood is considering launching a number of new products, including cryptocurrency lending and crypto savings accounts, he said.

As a reminder, Robinhood is planning an IPO on the Nasdaq stock exchange. According to a revised filing to the SEC, the company will float 55 million Class A common shares in a price range of $38 to $42 per paper. The volume of offering may exceed $2 bn.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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