Robinhood, the popular trading platform, has launched its Web3 wallet on the Apple App Store, making it available to iOS users in over 130 countries. The multichain self-custody wallet, which was previously only available to those on a waitlist, can now be accessed without any wait times.
Robinhood has also added over 50 ERC tokens to the wallet, including USDC, UNI, MATIC, and SHIB. Users can buy, sell, and hold these tokens without paying any transaction fees, and they can be used to interact with a range of decentralized applications.
Robinhood now supports Ethereum and ERC-20 tokens on its Web3 wallet, responding to customers’ demand for more coin options. Users can also store non-fungible tokens on Ethereum and Polygon using the wallet’s latest feature.
Robinhood has assured its users that the wallet is self-custodied and comes with a range of self-verification methods to provide security to its Web3 users. To ensure security, Robinhood’s Web3 wallet prompts users to set up a custom PIN or Face/Touch ID for app access.
They must also create a recovery seed phrase to access their wallet and cryptocurrencies. Robinhood suggests backing up the wallet by writing down the seed phrase or storing it offline securely.
The launch of the Robinhood Wallet has received mixed reactions, with some Reddit users expressing reservations about the security mechanisms set in place with the wallet. Kerbrat has reported that the feedback for the Robinhood Wallet has been overwhelmingly positive.
The wallet’s launch coincides with Robinhood Markets’ disclosure in a 10-K filing, two days prior, that it received a subpoena from the SEC in December to probe its cryptocurrency listings, custody, and platform operations. Despite this development, Robinhood continues to expand its offerings and make its products more widely available to users worldwide.
