The company today launched Robinhood Wallet, a smartphone app that allows users to trade and transfer cryptocurrencies, as well as view the NFTs and cryptocurrencies they own.
Robinhood’s head of cryptocurrencies says the wallet will function as a “browser” for Web3.
According to Robinhood, it is currently available to more than one million waitlisted users who have received an access code.
Previously, in September, it was launched in beta to just 10,000 waitlisted customers.
Robinhood Wallet uses Polygon, an Ethereum sidechain, to enable exchanges without network fees. It also added support for Ethereum.
Robinhood defined a new transfer feature in its original trading application as a cryptocurrency wallet product.
This feature launched in beta in January 2022 and allowed Robinhood users to transfer cryptocurrencies to and from the platform.
It was not a “wallet” per se, as users can transfer cryptocurrencies to and from Coinbase, Kraken, Binance, or any other cryptocurrency exchange platform.
The Robinhood wallet launched today, however, is more similar to MetaMask, Phantom, or the Coinbase wallet (not to be confused with the Coinbase trading app).
Johann Kerbrat, CEO of Robinhood said, “Robinhood Wallet is a completely different product, hosted in an autonomous and independent app, which allows users to have full control over their cryptocurrencies and access to more advanced features, such as connection to NFT markets and decentralized apps.”
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
It’s much more than Robinhood Wallet as a ‘browser’ for the Web3,” he says. In fact, that’s exactly how other wallets such as MetaMask also describe their products.
And it makes sense since Robinhood Wallet is designed to compete with MetaMask, the popular Ethereum wallet.
Says Kerbrat, “We created this product to solve the problems users face when using other products, such as unfriendly design and high costs.” “Our users have told us that other products are complicated to use.”
Right now, Robinhood Wallet is only available for iOS mobile devices. When asked if a desktop browser extension was in the plans, a Robinhood representative said they couldn’t “speculate on the future.”
“At the moment, we are focused on launching for iOS users,” which will be available to all iOS users in the coming weeks and months, said a spokesman.
Android support will be coming later this year.”
“Trade cryptocurrencies with no network fees on Polygon. Take full control and ownership of your cryptocurrencies (in Ethereum and Polygon with more to come), decentralized apps (dapps) and NFTs with a wallet built for the web3,” the statement said.
The latest update to the app, version 2023.3.1, also includes some key enhancements and bug fixes and is compatible with iOS 14.0 or later.
Robinhood’s new mobile wallet app will compete with Coinbase, which supports both NFT and cryptocurrency trading.
Brian Armstrong, CEO of Coinbase, revealed last year that his cryptocurrency storage wallet was the most downloaded wallet in the United States.
Robinhood’s attempt to add users to its new wallet will be aided by its already large user base, which includes cryptocurrency traders and retail securities.
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