Retail investor interest in Robinhood's (HOOD) forthcoming crypto wallet remains high, a company executive said at the Yahoo Finance-Decrypt cryptocurrency event on Tuesday.
The wait list for Robinhood's crypto wallet stands at 1.6 million people, Robinhood Crypto COO Christine Brown revealed at "Crypto Goes Mainstream."
Robinhood announced plans for the crypto wallet in September, promising users the ability to send and receive cryptocurrency at speed and low cost. The wallet will also feature a slew of security protections, including identity verification, multi-factor authentication, and email and phone verification, according to the company.
The crypto wallet, set for release in the first quarter of next year, is already available to some users on a preliminary basis, Brown said.
"We are actively in our alpha, so we do have users who are actually getting access to this product today — right now," she said. "But we're moving slowly precisely because we are a safety-first company."
'There are a lot of ideas out there'
The trading platform has also taken steps to ensure the security of transactions on the platform, Brown noted, especially in light of the limited experience that some users will bring to the crypto space.
"We want to build features that have the right security in mind with our users and what they're going to be doing," she said.
A data breach revealed on Monday exposed the email addresses of five million users, and the full names of a different group of about two million users. The company said it believed no debit card or bank account numbers had been leaked, and no customers had suffered a financial cost.
And according to Brown, blockchain "could" offer a solution to general concerns over user security.
"We're still in a discovery phase," she said. "There are a lot of ideas out there."
Max Zahn is a reporter for Yahoo Finance. Find him on twitter @MaxZahn_.