Trading platform Robinhood has launched its Web3 wallet on Apple’s App Store and is available to iOS users in over 130 countries. Thus, iOS users will have access to cryptocurrencies such as Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC). Here are the details…
Robinhood now supports SHIB, MATIC
In a March 1 post, Robinhood shared the news, stating that users will no longer need to sit on a waiting list to access the new multi-chain self custody wallet. Robinhood added that the wallet will be coming to Android “late this year”. Since the beta launch of Robinhood Wallet in September, the trading platform has integrated Ethereum. The platform has already added more than 50 ERC tokens in addition to supporting the Polygon network. Currently supported tokens include USDC, UNI, MATIC, SHIB and more.
We’re still in #buidl, so stay tuned for Android coming later this year, a #Web3 browser, new in-app rewards and enabling more coins you can swap with no network fees on Polygon. 👀
— Johann Kerbrat (@JohannKerbrat) March 1, 2023
These tokens can be traded with no transaction fees, and users can use these cryptocurrencies to interact with a number of decentralized applications (DApps). Johann Kerbrat, managing director of Robinhood Crypto, said that support for Ethereum and ERC-20 tokens comes in response to customers seeking access to more tokens and tokens on more chains.
Since its beta launch, Robinhood Wallet has also added a non-fungible token (NFT) feature that allows users to collect and store their favorite collectibles on Ethereum and Polygon. A Robinhood spokesperson said Robinhood NFTs will not be subject to Apple’s 30 percent commission on apps and in-app purchases of products and services.
How will the funds be held?
Robinhood Wallet serves as a “self-custody”. So, these wallets are kept without any oversight. There are also a number of validation methods that can be applied to provide security to Web3 users. The team behind the app explained these methods as follows:
When users start up, they need to set up Face/Touch ID or a special 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 access to their wallets and cryptocurrencies.
SEC investigating Robinhood
Robinhood noted that users can and should “back up” their wallets by typing in, storing them offline, or saving them securely. However, not everyone agrees with the established security mechanisms. One Reddit user named “StamInBlack” was dissatisfied with the option to have seed emotes stored in iCloud, while others in the same thread expressed their unrelated reservations with the trading platform. However, Kerbrat said that so far the feedback on the Robinhood Wallet has been “extremely positive.”
cryptocoin.comAs we reported, the presentation comes two days after Robinhood Markets announced in December that it received a subpoena from the United States Securities Exchange Commission (SEC) to conduct an investigation into its cryptocurrency listings, custody and platform operations.
