Robinhood, the popular trading platform, has launched its Web3 wallet on Apple’s App Store. The wallet is now available to iOS users in over 130 countries. The announcement was made in a post on March 1st, stating that users will no longer need to sit on a waitlist to access the new multichain self-custody wallet. The wallet will come to Android “later this year.” The full launch and removal of the 1 million waitlisted users come six months after Robinhood launched its beta version in September.
The Robinhood Wallet now supports Ethereum and over 50 ERC tokens, in addition to already supporting Polygon. Among the tokens now supported include USDC (USDC), UNI (UNI), MATIC and SHIB. These tokens can be traded without paying transaction fees, and users can use them to interact with a range of decentralized applications (DApps).
Robinhood Crypto general manager Johann Kerbrat said that the support for Ethereum and ERC-20 tokens came 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 feature to enable users to collect and store their favorite collectibles on Ethereum and Polygon.
While the Robinhood Wallet is self-custodied, there is a range of self-verification methods that can be implemented to provide security to its Web3 users. Robinhood stated that users “can — and should — back up their wallet” by writing it down, storing it offline, or saving it in a secure manner.
“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.”
A Robinhood spokesperson told Cointelegraph that Robinhood NFTs would not be subject to Apple’s 30% commission on apps and in-app purchases of digital goods and services.
Not everyone is on board with the security mechanisms set in place with the Robinhood Wallet. A Reddit poster by the name of “StamInBlack” wasn’t happy with the option of having seed phrases stored on iCloud, while others in the same thread expressed unrelated reservations with the trading platform. However, Kerbrat said the feedback on the Robinhood Wallet thus far has been “extremely positive.”
The rollout 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.