Robinhood Wallet launches on iOS, with Android support to follow

Trading platform Robinhood has launched its Web3 wallet on Apple’s App Store, available to iOS users in over 130 countries.

Robinhood shared the news in a March 1 post, stating that users would no longer need to be on a waiting list to access the new self-custody multi-chain wallet. It added that it will be supported on Android “later this year”.

Since the Robinhood wallet’s beta launch in September, the trading platform has integrated Ethereum – in addition to Polygon’s already existing support – and added more than 50 ERC tokens that can be bought, sold and stored in the self-custody wallet.

Tokens now supported include USDC, 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).

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

Robinhood Crypto General Manager Johann Kerbrat said the support for Ethereum and ERC-20 tokens is in response to customers wanting access to more coins and tokens on more chains.

Since beta launch, Robinhood Wallet has also added a Nonfungible Token (NFT) feature, allowing users to collect and store their favorite collectibles on Ethereum and Polygon.

A Robinhood spokesperson told Cointelegraph that Robinhood NFTs would not be subject to Apple’s 30% commission on apps and in-app purchases of digital goods and services.

While the Robinhood Wallet is self-custodial, there are a number of self-verification methods that can be implemented to provide security to its Web3 users:

“When users start, they need to set up either Face/Touch ID or a custom PIN that they use to authenticate themselves every time they open the app. They are also asked to create a secret recovery phrase, also known as a seed phrase, that will give them access to their wallet and crypto.”

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Robinhood explained that users “can — and should — secure their wallet” by writing it down, saving it offline, or storing it in a secure manner.

Related: Robinhood board agrees to buy Sam Bankman-Fried’s $578 million stake

However, not everyone agrees with the security mechanisms of the Robinhood wallet.

A Reddit poster named “StamInBlack” was not happy with the option to store seed phrases on iCloud, while others in the same thread expressed unrelated reservations about the trading platform.

An additional method to secure Robinhood wallet. Source: Robinhood.

However, Kerbrat said the feedback on the Robinhood wallet so far has been “extremely positive.”

The launch comes two days after Robinhood Markets revealed in a 10-K filing that it received a subpoena from the United States Securities Exchange Commission (SEC) in December to conduct an investigation into its cryptocurrency listings, custody and platform operations.