Robinhood launches wallet to compete with Metamask and Phantom

Robinhood is lastly entering into the crypto wallet software program recreation.

The firm this Friday (20) launched Robinhood Wallet, a smartphone app that enables customers to trade and switch cryptocurrencies and view their digital property and NFTs. According to Robinhood, it’s being progressively rolled out through an entry code to the greater than 1 million customers nonetheless on the ready record. It was first launched in beta in September to solely 10,000 clients on the ready record.

Robinhood Wallet makes use of Polygon, an Ethereum sidechain, to supply swaps with out community charges. They additionally added help for Ethereum right now.

If you are confused as to what is going on on with the Robinhood “wallet,” we do not blame you. Robinhood initially referred to a brand new switch function in its native buying and selling app as a “Crypto Wallet” product. The function was launched in beta in January 2022 to lastly permit Robinhood customers to switch crypto property to and from the platform.

It wasn’t actually a “wallet” – it is no totally different from Coinbase, Kraken, Binance, or some other cryptocurrency buying and selling app in the best way customers switch cryptocurrency. Robinhood Wallet being applied right now, nonetheless, is extra like MetaMask, or Phantom, or Coinbase Wallet (not to be confused with Coinbase Trading App).

Rival of Metamask and Phatom

“Robinhood Wallet is a very totally different product, housed in a separate and unbiased software that enables customers to have full management over their cryptocurrencies and entry to extra superior options corresponding to decentralized purposes and connections to NFT markets.” is,” mentioned the overall supervisor of Robinhood Robinhood, Johan Kerbret, to the decrypt,

“It is a lot greater than only a wallet – consider Robinhood Wallet because the ‘browser’ of the Web 3,” he mentioned. Although to be honest, different wallets like MetaMask additionally describe their merchandise in the same approach.

And it is sensible, because the Robinhood wallet was designed to compete with the favored Ethereum wallet MetaMask.

“We created this product to tackle challenges that many customers have confronted utilizing competing merchandise, together with unhygienic design and excessive charges,” defined Kerbrecht. decrypt, “We hear from our beta customers that different merchandise available on the market are too advanced and tough to use.”

Currently, the Robinhood Wallet app is barely accessible on iOS cell units. When requested whether or not a desktop browser extension could also be in growth, a Robinhood consultant mentioned that they have been unable to “speculate on the longer term”.

“For now, we’re centered on releasing to iOS customers solely,” the spokesperson mentioned. “Robinhood Wallet will probably be accessible to all iOS customers within the coming weeks and months. Android help will arrive later this 12 months.”

Editor’s be aware: This article has been up to date to make clear that whereas Robinhood is beginning to present entry to its Wallet app to greater than 1 million customers, it isn’t but accessible to everybody on the ready record.

*Translated by Gustavo Martins with permission decrypt,

  • Have you considered integrating your small business into the brand new digital economic system? If you’ve a venture, you may tokenize it. click on right hereSign up for the Tokenize Your Idea program and enter the Web 3.0 universe

Leave a Comment