Robinhood, a popular trading platform, has recently announced the launch of its Web3 wallet on the Apple App Store, making it available to iOS users in over 130 countries. In a blog post on March 1st, Robinhood stated that users no longer need to be on a waitlist to access the new multi-chain, self-custody wallet. The company also confirmed that the wallet will be supported on Android later this year.
— Johann Kerbrat (@JohannKerbrat) March 1, 2023
Robinhood Wallet was initially launched in beta in September, and since then, the trading platform has integrated Ethereum in addition to its existing support for Polygon, and added over 50 ERC tokens that can be bought, sold, and held on the self-custody wallet. Some of the tokens that are now supported include USDC, UNI, MATIC, and SHIB. These tokens can be traded without paying transaction fees, and users can use them to interact with a variety of decentralized applications (Dapps).
Johann Kerbrat, the general manager of Robinhood Crypto, stated that the support for Ethereum and ERC-20 tokens was 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 that allows users to collect and store their favorite collectibles on Ethereum and Polygon.
Robinhood Wallet is self-custodied, but the company offers a range of self-verification methods 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 encourages users to back up their wallets by writing down the seed phrase, storing it offline, or saving it in a secure manner.
Despite these security mechanisms, not everyone is on board with the option of having seed phrases stored on iCloud. A Reddit user by the name of “StamInBlack” expressed dissatisfaction with this feature, while others in the same thread expressed unrelated reservations with the trading platform. However, Kerbrat stated that the feedback on the Robinhood Wallet thus far has been “extremely positive.”
It is worth noting that the rollout of Robinhood Wallet on the Apple App Store 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. Despite this news, the launch of the Robinhood Wallet on the App Store represents an important step forward for the company’s expansion into the cryptocurrency space.