Trading platform Robinhood has launched its Web3 wallet on Apple's App Store, available to iOS users in more than 130 countries.
Robinhood shared the news in a March 1 post, saying users will no longer have to sit on a waitlist to access the new multi-chain self-hosted wallet. Robinhood added that the wallet will be coming to Android “later this year.” Since launching the beta version of Robinhood Wallet in September, the exchange has integrated Ethereum in addition to already supporting Polygon and added more than 50 ERC tokens that can be bought, sold and held in self-custodial wallets .
Currently supported tokens include USDC (USDC), UNI (UNI), MATIC, and SHIB. These tokens can be traded without paying transaction fees, and users can use these cryptocurrencies to interact with a range of decentralized applications (DApps).
Robinhood Crypto general manager Johann Kerbrat said the support for ethereum and ERC-20 tokens is in response to customer demand for more coins and tokens on more chains.
Since its beta launch, Robinhood Wallet has also added non-fungible token functionality, enabling users to collect and store their favorite collectibles on Ethereum and Polygon. A Robinhood spokesperson told Cointelegraph that Robinhood NFTs will not be exempt from Apple’s 30% commission on app and in-app purchases of digital goods and services.
While Robinhood Wallet is self-hosted, a range of self-verification methods can be implemented to provide security for its Web3 users: "When users get started, they will need to set up Face/Touch ID or a custom PIN, which they will use to authenticate each 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 to access their wallets and cryptocurrencies.” Robinhood says users "can and should back up their wallets" by writing them down, storing them offline, or keeping them in a secure manner. However, not everyone supports the security mechanisms Robinhood Wallet has set up.
A Reddit poster called "StamInBlack" was unhappy with the option to store the seed phrase on iCloud, while others in the same post expressed reservations that the exchange had nothing to do with the platform. However, Kerbrat said feedback on the Robinhood wallet has been "very positive" so far.
Two days ago, Robinhood Markets revealed in a 10-K filing that it received a subpoena from the U.S. Securities and Exchange Commission (SEC) in December seeking an investigation into its cryptocurrency listing, custody and platform operations.
