ROBINHOOD ANNOUNCES CRYPTO WALLET IS COMING NEXT MONTH!!!! What does this mean for Crypto?!??!
So pretty much as you can see on screen, i got crypto bitcoin pulled up and its coming down. I think cause uh jerome powell, the federal uh chairman, the uh chairman of the federal reserve, uh hes speaking right now, so i dont know im not watching it right now, but i dont know if hes saying something thats causing this. I know that, like the rest of the uh, other cryptos are coming down right now, as after it had this like jump up right here, um im, pretty sure the stocks as well. Let me just pull it up: real quick, thats spy, spy, yeah everything is coming down right now. I think, while hes talking so pretty much. What i want to talk about is the news that robin hood is coming out with the crypto wallet uh. You know. Finally, uh its been a pretty long time since you know people have been saying they should come out with one now they finally are and im on the waitlist im number 220 295 on the wait list. Now that is pretty far out uh. If you do, uh use the first link in the description, if you havent, signed up for robinhood use that link youll also be put on the waitlist uh, the quicker you join the waitlist the better, because it is apparently going to come out next month. So try to get on as quick as possible and also it will help me get closer uh and further up on the waitlist.
So i wont be like hundreds of thousands away from getting my uh wallet. So thatll help me out as well and youll also get a free stock. If you sign up so right here, robin hood to launch cryptocurrency wallets as bitcoin becomes a bigger part of business, and then these are the three key points that cnbc put up. Robin hood is testing crypto wallets with select clients next month to allow investors to send and receive and move crypto currencies in and out of robinhood uh. In recent months, some users have taken to social media to complain that by using robinhood, they had exposure to crypto prices, but not actual ownership of the coins, which is true. You do not own the coins uh if you buy it on robin hood, um same thing as like weeble, which is another uh, its not uh. Well, you can buy crypto on there, but you dont actually own the coins either. You just see the number, the price and thats it so right here now. The reason why this is a big thing for robinhood is last month when they announced their earnings. Robin hood says: uh dogecoin well, im gon na, say crypto general accounted for 62 percent of crypto revenue in quarter two pretty much half of their trading volume, as you can see right here. The second point right here, crypto made up over 50 of transaction based revenue in the second quarter up from 17 in the first quarter, so thats a big jump up um robin hood is pretty much making more money off of crypto uh trades than they are the Stocks uh so theyre.
Basically, at this point, gon na become a crypto exchange. If people continue to use their app, which i think they will with this news of them, releasing the wallet which will help them out a lot. So this is whats on their website right here. This article that they put up to let everybody know crypto wallets, are coming to robin hood um when the when wallets we have news were excited to share that starting next month. The first customers will begin testing crypto wallets on robinhood will share their uh experience and feedback on our blog and twitter regularly. So you can follow along and get an under the hood hook. Uh look into what were building after that. We will continue to roll out access to more and more customers through our wait list you can join. The waitlist today use my link in the description to be among the first to get access secure your spot in line with a couple taps, not a robinhood customer. Yet sign up here uh, but one thing i do want to also say like um on my phone it wouldnt. Let me join on the wait list. I said that to update my app to actually join the waitlist and then when i go to update it, wouldnt give me the option to update my app, so i actually had to go on my computer and click uh join. So if you are having that issue um on your phone, where you cant update your app to actually uh join the waitlist uh, try it on like a computer or a laptop uh that it should work like that.
So right here, your crypto in one place with the wallets uh robinhood crypto wallets, will allow you to move your crypto in and out of uh. Your app in a few taps. Send your crypto to other wallet, addresses and receive supported cryptocurrencies into your robinhood account. This means you can consolidate your coins into one account so its easier to track your portfolio move supported coins into your robinhood account uh, so you can trade. Those coins, commission, free, um, thats. Another big thing is the commission free part, because, obviously the fees when you know buying and selling or tr uh, transferring cryptos on like coinbase or something uh, the fees just in general, are uh pretty big, not unless youre using like coinbase pro. I think the fees are a lot cheaper on coinbase pro if you are using that, so the best part were making crypto transfer safe, secure and simple uh, whether youre a long time crypto trader or one of the millions of people transacting on chain. For the first time at robinhood were designing wallets to be intuitive, with security features such as identity, verification, multi factor, authentication and email and phone verification to keep coins safe from hacks and other threats, stacking stats with reoccurring investments. One more thing. A couple weeks ago we announced the launch of crypto uh reoccurring investments as of today its available to all crypto customers. Now you can automatically buy your favorite coins. Commission free, uh crypto for all were excited to make crypto more accessible by making investing simpler, more straightforward.
At and at a low cost and then yeah so pretty much. You know this is big for robinhood and crypto in general, simply because its commission free, like the fees uh if youre eliminating uh the amount of fees that get paid um. Now you get to transfer your coins out of robinhood or uh. If you want to transfer it into robinhood, you can uh. That was pretty much the biggest issue that people had with crypto in general um. Now it will be interesting to see how this affects the price of crypto like bitcoin uh, ethereum dogecoin. All those coins uh well see. What happens with that. So, like i said its next month, is when the initial like wallet is gon na uh come for everybody. So make sure to join the waitlist if you wan na, be in that uh use the link in my description, its the first link uh, just if you havent, signed up for robinhood, already use that link and yeah. So, thank you guys for watching uh make sure you leave a like comment and subscribe and ill catch.