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Robinhood Wallet Launches on iOS with Android Support to Follow

Posted on the 02 March 2023 by Nftnewspro
Robinhood Wallet launches on iOS with Android support to follow

The full launch and removal of the one million waitlisted users occur six months after the beta version of Robinhood was released in September.

Robinhood has released its Web3 wallet on the App Store, making it accessible to iOS users in over 130 countries.

Robinhood announced in a March 1 blog post that users would no longer be required to wait on a waitlist to gain access to the new multi-chain, self-custody wallet. It added that Android support will arrive “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 September beta launch of the Robinhood Wallet, the trading platform has integrated Ethereum, in addition to Polygon, and added more than 50 ERC tokens that can be bought, sold, and held on the self-custody wallet.

Currently supported tokens include USDC, UNI, and SHIB. These tokens can be traded without transaction fees, and users can interact with a variety of decentralized applications using these cryptocurrencies.

General Manager of Robinhood Crypto, Johann Kerbrat, stated that the addition of Ethereum and ERC-20 tokens was in response to customer demand for access to more coins and tokens on more chains.

Since its beta release, Robinhood Wallet has added a nonfungible token (NFT) feature that allows users to collect and store their beloved collectibles on Ethereum and Polygon.

Robinhood NFTs will not be subject to Apple’s 30% commission on apps and in-app purchases of digital products and services, a Robinhood representative said.

While the Robinhood Wallet is self-managed, a variety of self-verification techniques can be implemented to protect 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 advised users to back up their wallet by writing it down, storing it offline, or saving it in a secure manner. However, not everyone agrees with the security mechanisms implemented by the Robinhood Wallet.

A Reddit user identified as “StamInBlack” was unhappy with the option to store seed phrases on iCloud, while others in the same thread expressed unrelated concerns with the trading platform.

However, according to Kerbrat, the initial response to the Robinhood Wallet has been “extremely positive.”

The launch occurs two days after Robinhood Markets disclosed in a 10-K filing that in December it received a subpoena from the United States Securities and Exchange Commission (SEC) to investigate its cryptocurrency listings, custody, and platform operations.

Content Source: cointelegraph.com


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