Recently Robinhood's CEO in an interview hit on the platforms crypto offerings and the possibility of a wallet being developed for Robinhood users! A long time critique of using Robinhood was the inability to transfer crypto into or out of the platform. The crypto you bought on Robinhood was "locked in" to the platform no matter what you wanted to do with it. With the DeFi and yield farming craze this really hurt the functionality of owning crypto on Robinhood.
It turns out that Robinhood is working on a wallet feature and has been for a little bit now. They are not there yet though and are not rushing the product. Given the heat that they have gotten recently especially with the trading restrictions that were put in place on stocks like GameStop and AMC the reputation of the company has taken a hit. Tenev wrote that it will take some time for the reputation to be fixed and that they are wanting/enacting a massive investment in the company including the crypto rehlem.
When looking at it from the outside looking in it makes sense that Robinhood wants to make sure that the wallet is extremely secure before it is released to the public. If and when the wallet goes live it will lead to explosive growth again for Robinhood. This will lead to a strain on the system and that is not what Robinhood needs right now. To get to the point where their system can handle it Robinhood is going to have to continue to invest and build up its infrastructure to handle this future growth.
A really neat thing was the hint that with the wallet new crypto could be added to Robinhood beside the basic coins they have now. This would make a ton of sense because with the functionality of a wallet people could stake or in otherways engage in blockchain and cryptos across a wide range. PoS coins become something that would make more sense to see especially with Ethereum 2.0 continuing to become a real thing! It will be interesting to see which coins/tokens Robinhood would want to bring onto its platform. Coins like Tezos and DAI would make a ton of sense for them to bring on in my opinion but it will be interesting to see how long this will take to enact.
