March 19, 2021 / Business

Robinhood To Add Cryptocurrency Wallet Functionality To Its App

Robinhood is working to expand the cryptocurrency trading capabilities of its platform and to address reputational damage to the company at the beginning of the year. The CEO of the online broker, Vladimir Tenev, spoke about this in a video posted on the official Robinhood YouTube channel.

Tenev said Robinhood has development plans in the cryptocurrency space. In particular, the broker is developing a wallet for storing digital assets, which, according to the CEO, is often asked by users. The wallet will be integrated into the broker’s application, but first the project team must make sure that it is secure.

Robinhood will hire a ton of new professionals to expand its cryptocurrency efforts. At the same time, Tenev stressed that the main task of his company is to scale the platform and provide the proper level of customer service.

Tenev noted that it may take Robinhood a few more months to recover from the “reputational blow” the broker received earlier in the year. In January, he restricted trading on certain securities on his platform in order to meet the deposit regulatory requirements set by the US Securities and Exchange Commission (SEC).

“We are doing everything in our power to tell the true story. I think there will be several documentaries that will help tell the truth to the general public, ”Tenev said.

It became known that Robinhood has a product director on Thursday. It was Aparna Chennapragada, manager for Google’s consumer shopping. As a reminder, the company plans to apply for an IPO. During the placement, its estimate may be $ 20-40 billion.

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