The waiting list for Robinhood Markets Inc’s (NASDAQ:HOOD) “WenWallets” that can be used to store, buy and sell Dogecoin (CRYPTO: DOGE) has swelled to 2 million.
What Happened: The revelation of the upsurge in interest in the cryptocurrency wallets was made on Twitter by Christine Brown, Robinhood’s chief operating officer for Cryptocurrencies.
I’m thrilled to share that we’ve officially reached *2 million* on our https://t.co/csw9dmh85z waitlist! The Beta program has rolled out to 13,000 customers too as of today, beating our previous estimates!
— Christine (Hall) Brown (@christine_hall) February 3, 2022
The beta wallet has been rolled out to 13,000 customers as of Thursday, which also beats the company’s previous estimates, Brown said.
The Robinhood executive acknowledged in a separate tweet that customers want the trading platform to roll through the waitlist quickly, but said Robinhood must review data to manage fraud risk and protect customers as “moving on-chain presents new risks.”
We hear our customers who want us to roll quickly through the waitlist, but we must carefully review data to manage fraud risk and protect our customers as moving on-chain presents new risks, especially for our customers connecting with the blockchain for the first time.
— Christine (Hall) Brown (@christine_hall) February 3, 2022
Brown said that customers will see slight delays in transfers to the blockchain due to “additional security reviews.”
During Beta, customers will see slight delays in transfers being submitted to the blockchain due to additional security reviews. As we move to launch, these will be reduced, and ultimately be a seamless experience (a small % of transactions will go through additional checks).
— Christine (Hall) Brown (@christine_hall) February 3, 2022
“As we move to launch, these will be reduced, and ultimately be a seamless experience (a small % of transactions will go through additional checks),” she said.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: In November, Brown announced the first alpha transfer of DOGE from a Robinhood wallet to an external wallet. DOGE co-creator Billy Markus described the development as “huge.”
Robinhood supports buying and selling of a number of cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic.
Cryptocurrency enthusiasts had been pushing Robinhood to introduce cryptocurrency wallets and used the phrase “not your keys, not your Bitcoin” to drive home the point.
In September, Robinhood teased the enthusiasts by providing an update on the rollout and first used the term “Wen Wallets?”
HOOD Price Action: Robinhood shares were trading 7.68% higiher at $15.24 midday Friday.
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