Robinhood Releases Software Wallet for Over 1 Million Users

  • A beta version was made available to the first 10,000 people on the waiting list last year.
  • The Robinhood Wallet app is now exclusive to Apple’s iOS platform.

It’s about time that Robinhood started competing in the digital wallet market. The Robinhood Wallet, a mobile app for cryptocurrency exchange, transfer, and the viewing of NFT and cryptocurrency holdings, was released by the company today. According to Robinhood, over a million people have been waiting for it and will soon get an access code. In September, a beta version was made available to the first 10,000 people on the waiting list.

To provide exchanges without incurring network fees, the Robinhood Wallet utilizes Polygon, an Ethereum sidechain. Today, Ethereum support was added as well. When Robinhood first announced a new transfer option inside its original trading app, it called it a “Crypto Wallet.” In January 2022, the beta version of this functionality was released, allowing Robinhood users to send and receive cryptocurrency.

Standalone App With Total Control

In reality, it wasn’t a wallet at all; it’s just another way for consumers to send and receive cryptocurrency via exchanges like Coinbase, Kraken, Binance, and others. But the new Robinhood Wallet, available today, is more in line with services like MetaMask or Phantom, or even the Coinbase Wallet.

Robinhood’s General Manager Johann Kerbrat stated:

“The Robinhood Wallet is a completely different product housed in a separate, standalone app that allows users to have total control over their crypto and provides access to more advanced features, like connecting to decentralized apps and NFT marketplaces.”

The Robinhood Wallet app is now exclusive to Apple’s iOS platform. A Robinhood spokesperson was queried about the possibility of a desktop browser plugin, but they were unwilling to “speculate on the future.”

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.