Robinhood, the popular stock and cryptocurrency trading app, has released web3 wallet application on iOS.
Only iOS mobile devices now support the Robinhood Wallet app. It enables users to access their cryptocurrency, transfer it, and employ decentralized financial instruments (DeFi) including swaps and non-fungible tokens (NFTs).
The iOS app will debut in the Polygon network first before being made available on other blockchain networks. The Robinhood wallet uses the Ethereum layer 2 blockchain to enable users to trade and shift digital assets without having to pay network gas costs.
The company’s prior “Crypto Wallet” offering, which was just a transfer feature on the trading app, has been significantly improved with this version. Although it wasn’t a genuine “wallet” in the conventional sense, this feature allowed users to move cryptocurrency in and out of the network.
Additionally, it heralds the company’s entry into the software wallet industry, where it will face off against Coinbase Wallet and other well-known cryptocurrency wallets like MetaMask.
The beta release of Robinhood’s standalone wallet on the Apple store was announced for September 2021. 10,000 users had the opportunity to test the wallet during the beta test before it was made public.
The USDC stablecoin served as Robinhood’s main fiat-representation token at the time, and the app also featured a “reward” section where users could earn tokens as incentives.
The wallet has undergone a number of adjustments since the beta launch, according to Johann Kerbrat, chief technical officer of Robinhood, based on “customer feedback.”
