Robinhood Said No To New Crypto Listings For Now: Report

Robinhood said no to new crypto listings for now at least, but it does have high hopes for crypto wallet features as we can see further in our latest crypto news.

Robinhood’s CFO cited concerns about regulators and the company also said its wallet will be rolled out to the users by the end of March. The CFO of Robinhood Jason Warnick said that Robinhood said no to new crypto listings which is a move that came as a disappointment for the holders of SHIB and other tokens that hoped to get a boost from listing on the platform. Speaking to the reports after the Q4 earnings report, Warnick noted the company is proceeding in light of conversation with regulators that warned they could regard certain tokens as unlicensed securities. He noted:

“We know our customers want new coins. The message is clear.”

Crypto became a central part of the company’s business strategy which includes the launch of a wallet that will allow customers to send their assets off the platform. The wallet launched in beta this month and Warcnik noted that it should be available by everyone by the end of March. Warnick noted that launching its crypto products will be a key focus for the company in the next few months and that teh company will launch a debit card that will facilitate faster withdrawals. All of this came amidst a rocky stretch for Robinhood that posted another loss on Thursday and the company revealed that it lost 49 percent per share compared to the expected 42% loss with a revenue of $363 million which fell short of the prediction of $370 million.

This caused Robinhood’s share price to drop to another low in after-hours trading and the stock was trading around $10 which is a far cry from the $82 when the company went public in mid-2021. The company was enjoying the high last summer mainly because of the surge in DOGE trading which made up a huge portion of the overall revenue. The trading did fall considerably while its other product lines and options trading remained flat. Robinhood became the subject of acquisition rumors in the past week and it bet that it could achieve a new turnaround by offering new products like retirement accounts Warnick also predicted that teh company’s wallet could prove to be a long-term strategy:

“It’s a huge opportunity. We still think it’s early but crypto wallets are a foundational experience,” he said.