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Robinhood Wallet launches on iOS, with Android support to follow

Published on

March 2, 2023
Read Time:2 Minute, 26 Second

Buying and selling platform Robinhood has launched its Web3 pockets on Apple's App Retailer, out there to iOS customers in over 130 nations.

Robin Hood divided the information in a March 1 submit stating that customers now not want to take a seat on a ready record to entry the brand new self-custody multi-chain pockets. It added that it will likely be supported on Android "later this yr".

#RobinhoodWallet is now out there for everybody with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT

— Johann Kerbrat (@JohannKerbrat) March 1, 2023

Because the Robinhood pockets's beta launch in September, the buying and selling platform has built-in Ethereum - along with Polygon's already current help - and added greater than 50 ERC tokens that may be purchased, offered and saved within the self-custody pockets.

Tokens now supported embody USDC, UNI, MATIC, and SHIB.

These tokens could be traded with out paying transaction charges, and customers can use these cryptocurrencies to work together with a spread of decentralized functions (dapps).

A preview of the Robinhood Web3 pockets. Supply: Robin Hood.

Robinhood Crypto Basic Supervisor Johann Kerbrat mentioned the help for Ethereum and ERC-20 tokens is in response to prospects wanting entry to extra cash and tokens on extra chains.

Since beta launch, Robinhood Pockets has additionally added a Nonfungible Token (NFT) characteristic, permitting customers to gather and retailer their favourite collectibles on Ethereum and Polygon.

A Robinhood spokesperson informed Cointelegraph that Robinhood NFTs wouldn't be topic to Apple's 30% fee on apps and in-app purchases of digital items and companies.

Whereas the Robinhood Pockets is self-custodial, there are a selection of self-verification strategies that may be carried out to offer safety to its Web3 customers:

“When customers begin, they should arrange both Face/Contact ID or a customized PIN that they use to authenticate themselves each time they open the app. They're additionally requested to create a secret restoration phrase, also called a seed phrase, that can give them entry to their pockets and crypto.”

Robinhood defined that customers "can — and will — safe their pockets" by writing it down, saving it offline, or storing it in a safe method.

Associated: Robinhood Board Approves Buy of Sam Bankman-Fried's $578M Stake

Nonetheless, not everybody agrees with the safety mechanisms of the Robinhood Pockets.

A Reddit poster named "StamInBlack" was not proud of the choice to retailer seed phrases on iCloud, whereas others in the identical thread expressed unrelated reservations in regards to the buying and selling platform.

An extra technique to safe Robinhood pockets. Supply: Robin Hood.

Nonetheless, Kerbrat mentioned the suggestions on the Robinhood pockets thus far has been "extraordinarily optimistic."

The launch comes two days after Robinhood Markets revealed in a 10-Ok submitting that it acquired a subpoena from the USA Securities Trade Fee (SEC) in December to conduct an investigation into its cryptocurrency listings, custody and platform operations.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : March 2, 2023
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