The wallet currently supports Ethereum and Polygon, but it plans to expand in the future by adding other networks.
On January 19, cryptocurrency investing platform Robinhood announced the introduction of its self-custody Wallet.
Robinhood launched Wallet, an iOS app that allows users to transfer and check their crypto and NFT holdings. Wallet is gradually being rolled out, with a waiting list of over one million people.
At the now, Robinhood Wallet only supports the Ethereum (ETH) and Polygon (MATIC) networks, but this will change in the future. Android compatibility is also promised later this year.
According to Robinhood CEO Johann Kerbrat’s description of the project, Robinhood Wallet will compete with MetaMask and Phantom. Kerbrat stated to Decrypt:
“This is much more than just a wallet—think of the Robinhood Wallet as a ‘browser’ for Web3.”
Kerbrat also stated that the Wallet is a distinct standalone software that provides more advanced functionality such as linking to dApps and NFT marketplaces, in addition to full asset self-custody.
The popularity of self-custody wallets has grown throughout 2022. According to CryptoSlate data from December 2022, 15 million Bitcoin (BTC) flowed into self-custody wallets throughout 2022, increasing illiquid BTC supply to 78%.
