Robinhood chief says cryptocurrencies are the cornerstone of the company’s future development

Robinhood, the online broker, plans to broaden its offering in digital assets, as it regards cryptocurrencies as the cornerstone of its future development. This was stated by chief executive Vlad Tenev at a roadshow in preparation for the IPO, according to Business Insider.

“Behind the scenes we have done a lot to provide our cryptocurrency clients with access to the features they’ve asked for. We know you need wallets,” said Tenev.

Robinhood announced wallet features related to cryptocurrencies in March. At the time, Tenev promised that the service would be added to the platform in the shortest possible timeframe.

Users of the app cannot currently deposit or withdraw assets from crypto accounts. According to Tenev, the company will fix this, but he did not specify when exactly.

Earlier, Robinhood the ability to withdraw cryptocurrencies to external wallets was said by the broker’s chief operating officer Kristin Brown.

At the roadshow the head of the company noted that work on the stated functionality is progressing slowly due to the fundamental characteristics of distributed-network assets. In particular, he highlighted the immutability of blockchain data in the context of chargebacks and erroneous transactions.

“We want to safely integrate new features. And there are many things we must get right at the outset,” explained Tenev.

The important role of digital assets in the broker’s development was also noted by chief financial officer Jason Warnick. He said Robinhood is considering launching a range of new products, including crypto lending and crypto-savings accounts.

\n\n

Robinhood plans to conduct an IPO on the Nasdaq. According to an amended filing with the U.S. Securities and Exchange Commission, the company will offer 55 million Class A common shares at a price range of $38 to $42 per share. The deal size could exceed $2 billion.

\n\n

Follow ForkLog’s Bitcoin news on our Telegram — crypto news, rates and analysis.