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Robinhood Wallet Rolls Out on IOS with Android Support to Follow

The Web3 wallet from trading platform Robinhood has been made accessible to iOS customers in more than 130 countries via the Apple App Store. Users will no longer have to wait on a queue to use the new multi-chain, self-custody wallet, according to a Mar. 1 article from Robinhood. It also said that Android support would come “later this year.”

In addition to previously supporting Polygon, the trading platform has introduced 50+ ERC tokens to be purchased, traded, and stored on the self-custody wallet since the beta launch of the Robinhood Wallet in September. Now supported tokens are USDC, UNI, and SHIB.

Users may engage with a variety of decentralized applications using these cryptocurrencies, and these tokens can be exchanged without incurring transaction fees (Dapps). The support for Ethereum and ERC-20 tokens, according to Robinhood Crypto general manager Johann Kerbrat, was a result of client demand for access to more currencies and tokens on more networks.

Since the beta version was released, Robinhood Wallet has also incorporated a nonfungible token (NFT) capability, allowing users to accumulate and store their preferred collectibles on Ethereum and Polygon.

According to a Robinhood representative, Apple’s 30% fee on applications and in-app purchases of digital goods and services would not apply to Robinhood NFTs. While the Robinhood Wallet is self-contained, a number of self-verification techniques may be used to provide its Web3 users protection, including:

Users must set up either Face/Touch ID or a unique PIN when they first use the app in order to verify themselves. Moreover, they will be required to come up with a seed phrase—a secret recovery phrase—that gives them access to their wallet and cryptocurrency.

Users “can-and should-back up their wallet,” according to Robinhood, by writing it down, keeping it offline, or securing it.

The security measures used with the Robinhood Wallet have not, however, won over everyone. Although others in the same thread had separate concerns with the trading site, “StamInBlack,” a Reddit user, wasn’t pleased with the ability to save seed words on iCloud.

But Kerbrat said that thus far, the response to the Robinhood Wallet has been “very favorable.”

The launch occurs two days after Robinhood Markets said in a 10-K filing that it had been sent with a subpoena by the US Securities and Exchange Commission (SEC) in December to undertake an investigation into the platform’s cryptocurrency listings, custody, and operations.

 

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