Robinhood wants to expand its cryptocurrency services by hiring a "ton" of new people, Robinhood CEO, Vlad Tenev, said in a recent video. Despite such a motivation, Tenev admits the company might need a few more months to recover from the reputational hit it took in January as the company blocked hyped stocks because of a trading craze triggered by a Reddit community.
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The Robinhood CEO also noted the company will not list new cryptocurrencies until it is certain that the new "wallet" feature is safe enough.
"As much as people are bugging me on that on social media, I am bugging our crypto team and our software engineers. We are going to try and get that done as fast as possible. And we will see. We might add some new coins along the way," Tenev said.
Earlier this month, iHodl reported that the millennial-favored stock trading app could pay a minimum of $26.6 million for a potential settlement around trading outages in March 2020.
The company is reportedly in settlement talks with the Financial Institutions Regulatory Agency (FINRA), the US Securities and Exchange Commission (SEC) and the New York Attorney General's Office (NYAG). The brokerage plans to settle issues with FINRA, including the March 2020 outages and options trading by paying at least $26.6 million fine.
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