An update has been issued from the crypto trading platform of Robinhood through the platform’s CCO namely Christine Brown. In the update, Brown, who is also Product Operations’ VP, revealed Robinhood’s future plans regarding crypto. In addition, she discussed the digital wallet which has been developed by Robinhood, awaiting its launch. These important disclosures were made by her during an interview recorded for Yahoo Finance.
She was asked a question about the online public petition in which the public demanded enlistment of Shiba Inu crypto-coin “SHIB”. She said that she wasn’t expecting such a huge response that an online writ can attract. However, she admitted the fact that Robinhood has no choice but to pay heed to the public demand. She said that the company’s management is considering the possibility of enlisting SHIB. However, she clarified that she has no role in the decision making which rests solely with the higher management. Yet she cannot give any comments on the decision because normally they are bound by company policies.
She then explained that Robinhood’s crypto strategy is not the same as one can usually find with pure crypto exchanges. The usual crypto exchanges, except for the top 20, have been in some kind of marathon. They are trying to add more and more cryptocurrencies to their platforms and take pride in adding them. But in the case of Robinhood, the company is not part of this marathon. Robinhood’s crypto strategy has limited scope. The company does not wish to provide too many or very less cryptocurrencies. Instead, it wants to give opportunity of crypto trading in those cryptocurrencies which are reliable and have vast trading volume. So if the platform doesn’t suit anyone, the person can go to another platform of his or her liking. But Robinhood doesn’t work on the liking of small percentage of people.
As regards SHIB, she said that Robinhood is a private business and is a non-government owned company. Although writ does not apply to it yet the SHIB writ was something which everyone in Robinhood appreciated. Interestingly, the writ has garnered more than 525 thousand signatures so far. This is by far the best petition Change.org has ever seen, she said.
Brown was of the opinion that Robinhood wants to bring in more crypto coins but with a passage of time. Adding a crypto is not that easy as it looks. There are certain regulatory and compliance requirements which have to be fulfilled.
She then talked about the crypto wallet that has been exclusively developed by Robinhood. She said that wallet will enable the users to connect their crypto accounts at exchanges with their Robinhood accounts. If they were to transfer their crypto funds from exchange account to Robinhood account, then the transfer would instant.