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Robinhood's Crypto Wallet Already Has 1.6-Million Waitlist

The crypto wallet, which Robinhood announced in September, will allow brokers to trade, send and receive digital currencies.

To get in on Robinhood (HOOD)'s cryptocurrency wallet, you will have to join a waitlist of 1.6 million other people — a number that grew by 600,000 in just a few weeks.

At a conference held by Decrypt and Yahoo Finance on Tuesday, Chief Operating Officer Christine Brown said that the waitlist jumped from the one million that the company announced at the CNBC Disruptor 50 on Oct. 21. 

The crypto wallet, which Robinhood announced in September, will allow brokers to trade, send and receive digital currencies.

"We are actively in our alpha," Brown told the audience. "We do have users who we are onboarding, who are actually getting access to this product today, right now."

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Brown said that Robinhood is on track to launch the wallet in the first quarter of 2022 but did not commit to a specific date. The company is currently working on several security features such as facial recognition and transaction verifications.

Despite the news, HOOD on Tuesday closed down 3.4% to $36.70 after a Nov. 3 data breach that left the data of at least 7 million of its customers exposed. 

Brown said that the coming years will show how commonplace cryptocurrency will become and how brokers will use it in their day-to-day.

"We're still in a discovery phase where there are a lot of innovation [and] ideas out there," Brown said. "When we think about what we're building at Robinhood and what we're going to adopt, we do have to think about the broad retail market and what our customers are actually looking for."