Robinhood Crypto COO Says More DeFi Features Are Coming

The Robinhood crypto COO Christine Brown said that more DeFi features are coming for the company and they have a goal in helping customers to use their coins to do all things in the crypto ecosystem so let’s read more in our latest cryptocurrency news.

For companies like Robinhood, it is a huge risk to allow customers to withdraw cryptos out of your platform and into the lucrative but unstable space of decentralized finance because after all, they might not come back. But stagnancy is a fast-paced market and in event of a risk, especially with the flashy headlines for NFTs and Defi, Robinhood Customers see what they are missing. This is why the company announced it will launch a waitlist next month to start allowing withdrawals of coins like Bitcoin, Dogecoin, Ethereum, and all users will be able to move the coins on or off the app by early 2022. the Robinhood crypto COO Brown said:

“We are enabling our users to take the crypto that they own, move it off the app if they want to, opening up a broader crypto ecosystem. It also enables users who want to consolidate on a single platform to come to Robinhood, get commission-free trading, and all the benefits that we have on our app.”

Brown spoke about the benefits early on and she hinted again that she would like to let customers explore Defi while trying to keep them engaged in a commission free trading on the brokerage platform:

“We would love to give more opportunities for our customers that would actually make [crypto] a utility in their lives and not just an investment asset.”

She already said that staking, lending, and other Defi tools are under consideration as well which will bring Robinhood crypto even more in line with the crypto exchanges like Kraken, Binance, and COinbase. Onstage with Brown at the Mainnet conference, the CTO of Robinhood, Johann Kerbrat hinted:

“We can’t tell too much about our roadmap, but something I’m really excited about is staking in general,” he said. “When we are talking about the inflation rising, and savings accounts that are not producing any yield, I think staking could be something very interesting for a lot of people.”

Christine Brown hinted that the platform could add NFT trading if the consumer demand warranted it. She continued:

 “If you want to acquire coins at no commission fees … and go acquire an NFT, we’re gonna support that. A lot of [customers] haven’t transacted on-chain. So the idea of managing their own keys is something that maybe they don’t actually want to do. And so this gives them the best of both worlds… And if they do say, ‘not your keys, not your coins,’ then we support them transferring off for sure.”