Robinhood’s Legal Director Praises Crypto Wallets

Alex Dovbnya

Robinhood has already started rolling out cryptocurrency wallets gradually

In a recent interview with Bloomberg, Robinhood Chief Legal Officer Dan Gallagher expressed great excitement at the ongoing rollout of cryptocurrency wallets, describing it as “a major event” for Robinhood:

The rollout of crypto wallets is a big event here at Robinhood.

As reported by U.Today, Robinhood introduced cryptocurrency wallets to the first 1,000 users in January during the beta testing phase of the feature.

At the end of January, Dogecoin co-founder Billy Markus believed that the rollout of crypto wallets was a major problem for the flagship meme coins as it would allow for additional use cases. Before that, Robinhood users could only buy DOGE to speculate on the volatile price action, but the much-anticipated feature makes it possible to tip creators and buy products using the red-hot dog meme coin.

Gallagher, a former commissioner at the US Securities and Exchange Commission, claims that crypto is “a really important asset class” to watch out for, adding that regulators shouldn’t be too strict about it.

The legal director also spoke of Robinhood’s plummeting stock price during the interview, stating that the Menlo Park-based company is playing the “long game.”

Robinhood stock is down 84% since hitting its current high of $85 in early August amid dwindling demand for meme stocks and cryptocurrencies.

The company announced it would launch crypto trading for users outside the US during its earnings call last month.

Robinhood CEO Vlad Tenev and other executives have spoken out in favor of adding more cryptocurrencies to his modest lineup, but a publicly traded company is complicating the process. The Shiba Inu community has been urging the online brokerage to add the meme coin for months to no avail.

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