Robinhood lays off 713 people but won’t delay crypto product launches.

The company opened up its crypto wallet product in April to two million more eligible users. It also revealed during the quarter its plan to introduce a non-custodial wallet later this year. The standalone app is set to allow customers to trade and swap crypto, with no transaction fees, while maintaining full custody. Executives added on Wednesday’s call that Robinhood is looking to introduce additional cryptocurrencies in a “deliberate” way as the company vies to compete with crypto-native incumbents such as Coinbase and FTX.