What Happened: Recently, Robinhood said that it has one million people on its wallets waitlist.
We just hit 1 million people on the wallets waitlist We’re hard at work… stay tuned.
— Robinhood (@RobinhoodApp) October 4, 2021
The beta testing for the wallets was announced last month in a teaser. The wallets would support currencies like Ethereum for the purchase of NFTs, Bitcoin for purchases, and Dogecoin for sending to friends, as per Christine Hall, chief operating officer of Robinhood.
Hall said on Twitter at the time that the reason wallets are taking so long is that “Robinhood wants to “make sure that transferring crypto on Robinhood is safe, secure, and simple. Many people will be transacting on-chain for the first time and keeping your coins safe is our #1 priority.”
See Also: How To Buy Shiba Inu (SHIB)
Why It Matters: A petition titled “Kindly request of Robinhood to list Shiba Inu coin!” has garnered over 240,827 signatures at press time, and is targeting to cross 300,000 signatures.
The request notes that SHIBA has been “gaining new ground by the day” and references the coin’s listing on Binance, the largest cryptocurrency exchange by volume, as per CoinMarketCap.
SHIB has been on a tear, post the listing. In the last 30 days, the token has shot up 350.82%. Over 24 hours, SHIB traded 2.04% lower at $0.00002929 at press time.
As per the YouTuber Matt Wallace, Robinhood may be waiting until the beginning of 2022 to roll out wallets. One of the reasons he put forward for that timeline is taxes.
“If you have your money currently in a cryptocurrency and you wait longer than a year then you no longer have to pay that super high tax rate,” Wallace said.
Should Wallace’s theory be correct, it is plausible to assume that Robinhood will only consider adding new coins to its wallets post the rollout next year.