Rumble’s pro-crypto founder and CEO has confirmed that the company will launch its Bitcoin and stablecoin wallet in the third quarter of this year, with plans to challenge the Coinbase Wallet.
Chris Pavlovski announced on X post in May. 9 that the Rumble Wallet will launch in collaboration with stablecoin issuer Tether and directly compete with Coinbase. He added:
Our goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy.
He also mentioned that the Rumble Wallet would be “key to helping creators earn more money than most advertisers, especially in international markets.” However, he didn’t provide further details, except to suggest that it might support Tether Gold (XAUT) as well.
Rumble joins crypto wallet wars
The video streaming platform, founded in late 2013 as a YouTube alternative for smaller creators, first announced plans to launch a Tether wallet for creators in March. In Dec. 2024, Tether invested $775 million in Rumble.
The Rumble Bitcoin wallet is joining a crowded crypto wallet market already led by major players like Robinhood, Crypto.com, eToro, PayPal, Coinbase, Revolut, PayPal, and MetaMask.
According to Coinbase, mobile crypto wallet usage reached a record high of 36 million in Q4 2024. The company Pavlovski is competing with reported over 100 million registered users in 2024, almost twice as many as Rumble’s platform.
Rumble turns Bitcoin bull despite Q1 loss
Rumble has also followed Michael Saylor’s strategy of becoming a Bitcoin acquisition company, starting in March with its first purchase of 188 BTC. The company currently owns 210 BTC, worth $22 million at today’s market value.
The firm reported a net loss of $2.7 million for the first quarter on May. 8, a significant improvement from the $43 million loss in Q1 2024. Additionally, its GAAP (generally accepted accounting principles) loss of $0.01 per share was 90% higher than analysts’ consensus estimates.
Rumble’s revenue reached $23.7 million, surpassing estimates by 2.8% and increasing from $17.7 million year-over-year. The company also reported 59 million monthly active users, a decrease from 68 million in Q4 2024.
