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Robinhood Brings its Wallet Functionality to the iOS Platform

Key Takeaways
  • Robinhood, the popular investment app, has introduced a new wallet feature for its iOS platform
  • This feature will allow users to transfer and store cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, directly within the app
  • The wallet feature is expected to provide users with more flexibility and convenience in managing their digital assets, as well as easier access to Robinhood's trading services
Robinhood Brings its

Robinhood, the popular stock and cryptocurrency trading app, has released a new feature called "Robinhood Wallet" on iOS devices

This will allow users to buy, sell, and store cryptocurrencies directly within the app. While the feature is currently only available on iOS, the company has announced that it will also be rolled out to Android users in the near future. This move is part of Robinhood's ongoing efforts to expand its offerings beyond traditional stocks and into the world of cryptocurrency.

The full launch and removal of the one million waitlisted users occurred six months after Robinhood launched its beta version in September. This milestone marked a significant achievement for the company, as it demonstrated its ability to successfully scale its platform and meet the demands of its rapidly growing user base.

Robinhood has just announced the launch of its Web3 wallet on Apple's App Store, now available to iOS users in over 130 countries. 

No longer will users have to wait to access the new multi-chain, self-custody wallet, and Android users can expect to have access to the wallet later this year. This is a major step forward for Robinhood, allowing users to securely store and manage their digital assets.

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Since the beta launch of the Robinhood Wallet in September, the trading platform has integrated Ethereum and Polygon and added over 50 ERC tokens to be bought, sold, and securely stored. These tokens include USDC, UNI, and SHIB, and can be traded without incurring any transaction fees. 

Furthermore, users are able to use these cryptocurrencies to interact with a range of decentralized applications (Dapps), providing them with a convenient and secure way to access the world of blockchain technology.

A preview of the Robinhood Web3 Wallet. Source: Robinhood.

Robinhood Crypto has added support for Ethereum and ERC-20 tokens, along with a nonfungible token (NFT) feature. Users can store their collectibles on Ethereum and Polygon. The Robinhood NFTs will not be subject to Apple's 30% commission on digital goods and services. 

Robinhood Wallet has implemented several self-verification methods to ensure the security of its Web3 users. Users can back up their wallet by writing it down, storing it offline, or saving it securely. 

However, some Reddit users are not convinced about the option of storing seed phrases on iCloud, while others have unrelated concerns about the trading platform.

An additional method to secure the Robinhood Wallet. Source: Robinhood.

Kerbrat reported that the response to the Robinhood Wallet has been "overwhelmingly positive." 

Two days prior, Robinhood Markets disclosed in a 10-K filing that the United States Securities and Exchange Commission (SEC) had issued a subpoena in December to investigate its cryptocurrency listings, custody, and platform operations.

Also, read - Join the Crypto Revolution with CoinGabbar's 2 Billion Bitgert Token Giveaway | GabbarGiveaways

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