Robinhood Wallet rolls out on iOS with Android support to follow

Trading platform Robinhood has launched its Web3 wallet on Apple’s App Store, becoming available to iOS users in over 130 countries.

Robinhood shared the news in a Mar. 1 post, stating that users would no longer need to sit on a waitlist to access the new multi-chain, self-custody wallet. It added that it will be supported on Android “later this year.”

#RobinhoodWallet is now available to everyone with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT

— Johann Kerbrat (@JohannKerbrat) March 1, 2023

Since the beta launch of the Robinhood Wallet in September, the trading platform integrated Ethereum — in addition to already supporting Polygon — and added 50+ ERC tokens to be bought, sold and held on the self-custody wallet.

Among the tokens now supported include USDC, UNI, MATIC and SHIB.

These tokens can be traded without paying transaction fees and users are able to use these cryptocurrencies to interact with a range of decentralized applications (Dapps).

A preview of the Robinhood Web3 Wallet. Source: Robinhood.

Robinhood Crypto general manager Johann Kerbrat said the support for Ethereum and ERC-20 tokens came in response to customers wanting access to more coins and tokens on more chains.

Since the beta launch, Robinhood Wallet has also added a nonfungible token (NFT) feature to enable users to collect and store their favorite collectibles on Ethereum and Polygon.

A Robinhood spokesperson told Cointelegraph that Robinhood NFTs would not be subject to Apple’s 30% commission on apps and in-app purchases of digital goods and services.

While the Robinhood Wallet is self custodied there is a range of self-verification methods that can be implemented to provide security to its Web3 users:

“When users get started, they need to set up either Face/Touch ID or a custom PIN, which they’ll use to authenticate every time they open the app. They will also be asked to create a secret recovery phrase, also known as a seed phrase, that allows them access to their wallet and crypto.”

Robinhood stated that users “can–and should–back up their wallet” by writing it down, storing it offline, or saving it in a secure manner.

Related: Robinhood board gives nod to buy Sam Bankman-Fried’s $578M stake

However, not everyone is on board with the security mechanisms set in place with the Robinhood Wallet.

A Reddit poster by the name of “StamInBlack” wasn’t happy with the option of having seed phrases stored on iCloud, while others in the same thread expressed unrelated reservations with the trading platform.

An additional method to secure the Robinhood Wallet. Source: Robinhood.

However, Kerbrat said the feedback on the Robinhood Wallet thus far has been ”extremely positive.”

The rollout comes two days after Robinhood Markets revealed in a 10-K filing that it received a subpoena from the United States Securities Exchange Commission (SEC) in December to conduct an investigation into its cryptocurrency listings, custody and platform operations.

Source Link