Robinhood launches cryptocurrency wallet for 1 million users

Robinhood, a monetary companies firm providing cryptocurrency buying and selling, introduced its digital asset self-custody wallet final Thursday (nineteenth). According to the announcement, Robinhood Wallet consists of an utility for iOS smartphones (Apple’s cell working system) that permits users to switch and think about their cryptocurrencies and NFTs.

For now, the crypto wallet helps each Polygon and Ethereum – each by way of tokens and NFTs. But the concept is to develop the variety of blockchains quickly. (*1*), Android help can also be anticipated to hit the market later this yr. The app in query was launched in beta final September for solely 10,000 clients on a ready checklist. For instance, Robinhood Wallet comes beneath rival wallets like MetaMask, Phantom, and Coinbase Wallet.

Broker launches on-line cryptocurrency wallet

According to Johan Kerbret, normal supervisor of crypto at Robinhood, the product will regularly attain the greater than 1 million individuals who had been on the ready checklist.

“We now help over 50 ERC tokens listed within the app. Customers can switch tokens similar to COMP, MATIC, SHIB, SOL, UNI, USDC and extra from the Robinhood app and different platforms to their Robinhood wallet,” he added. Said on Twitter account. “We have additionally added help for Ethereum and Polygon Network NFTs, so you’ll be able to securely view and retailer your favourite collections.”

Also based on Kerbrett, Wallet clients will nonetheless have the ability to alternate cryptos and tokens with out community charges on Polygon. They may even connect with your favourite Web 3.0 apps.

“We will probably be sharing entry codes with clients that can give them entry to the Robinhood Wallet iOS app. So control your electronic mail. We’ll be offering entry on an ongoing foundation over the subsequent few weeks.”

Kerbret stated that each one users who’re granted entry to the wallet will obtain a “present” of $5 value of cryptocurrency. As he defined, the answer is much less a wallet and extra a “browser for Web 3.0”.

“Robinhood Wallet is a very separate product housed in a separate standalone app that permits users to have full management over their cryptocurrencies and entry extra superior options similar to connecting to dApps and NFT marketplaces,” Kerbret instructed Decrypt.

bodily cryptocurrency wallet

Self-custodial crypto wallets grew in reputation all through 2022, particularly after the collapse of FTX and the rise in mistrust of centralized exchanges generally. According to Cryptoslate knowledge for December 2022, 15 million bitcoin (BTC) entered self-custodial wallets throughout 2022. This elevated the illiquid provide of BTC to 78% on the time.

In addition to Robinhood, decentralized finance (DeFi) protocol 1inch additionally introduced a wallet this week. But on this case, it’s a {hardware} wallet. ie a bodily crypto wallet with chilly storage (offline).

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