​Robinhood announces the launch of a custodial crypto wallet

What’s new? On January 19, online broker Robinhood launched a crypto wallet on iOS for 1 million users on its waiting list. Robinhood Wallet currently supports Ethereum and Polygon blockchains, with more networks to be added in the future. Android support is also expected in late 2023. The wallet allows users to transfer and view their own cryptocurrencies and non-fungible tokens (NFT Decrypt that Robinhood Wallet “is much more than just a wallet,” noting that it should be seen as “a browser for Web 3.0.”

GM! We’ve started to roll out #RobinhoodWallet to our 1M+ waitlist. We’ve made some awesome changes since the beta program based on customer feedback and are excited to get them into your hands. (1/6) pic.twitter.com/EMKSjQqYNX — Johann Kerbrat (@JohannKerbrat) January 19, 2023

What else is known about Robinhood Wallet? Kerbrat also added that the wallet is a separate standalone application and offers more advanced features, such as connecting to decentralized applications (DApps) and NFT marketplaces, in addition to providing full self-storage of assets.

Robinhood Wallet supports more than 50 ERC tokens available in the app. Customers can transfer coins such as COMP, MATIC, SHIB, SOL, UNI, and USDC from Robinhood and other platforms to their wallets.

According to Kerbrat, the wallet was created to solve the problems that traders faced when using competing products, including unintuitive design and high fees.

What is known about Robinhood? The online broker was founded in 2012, it provides investors with access to financial markets and allows them to trade stocks, ETFs, options, cryptocurrencies, and share fractions. There are no fees for trading on the platform. The company’s stock trades under the ticker HOOD on the US Nasdaq Stock Exchange. As of January 20, the value per security is $9,05, down by 2,79% in 24 hours (according to Investing.com). In January, one of Robinhood’s shareholders, Sam Bankman-Fried, former CEO of the bankrupt FTX exchange, refused to sell his stake to repay creditors.

Robinhood launched a beta version of the cryptocurrency wallet in January 2022. A limit of 10 withdrawals totaling no more than $2999 was in effect then.

On January 25, Robinhood will stop supporting the native token of the Bitcoin SV (BSV) blockchain based on its latest review. After this deadline, all BSV in the platform’s crypto accounts will be sold at market value and the proceeds will be returned to clients.