Robinhood Launches Its Wallet App To One Million Waitlisted Customers

The software wallet market has become even more crowded as Robinhood has begun pushing out its Wallet app to one million of its waitlisted customers.

The debut of the Robinhood Wallet was announced by Johann Kerbrat, general manager of Robinhood Crypto, in a post on Twitter. He said that customers who had joined the waitlist would get codes that would give them access to applications. The GM stated that users who access the app after installing it would be given a promo of $5 in cryptocurrency.

Based On Responses From Beta

Ten thousand users were granted access to a beta version of Robinhood during its initial trial, which began in September of last year. The Wallet app has been updated to reflect changes to the beta trial version’s user reviews.

Robinhood Wallet now supports Ethereum and major cryptos like Compound, Polygon, and Solana, and more than 50 ERC tokens in addition to crypto and tokens on Polygon.

Robinhood Wallet app is available for iOS devices initially, with Android support expected later. Waitlisted customers will have access to the app in the coming weeks on a rolling basis.

We’re giving access on a rolling basis over the coming weeks. If you’re late to the party, you can still join the waitlist here: http://rbnhd.co/robinhood-wallet… (6/6)

Mix-Up And Spreading Of Markets In Wallet

The move has perplexed some Robinhood users because the company’s initial trading app offered a Crypto Wallet item. In January 2022, a test version of that capability was released, allowing users of Robinhood to send and receive cryptocurrency.

The new Wallet is a standalone app that offers advanced features such as connecting to decentralized apps and NFT marketplaces. It’s a browser for Web3.

Robinhood Account is adding to an oversaturated market with rivals like MetaMask & Coinbase Wallet. The pressure from new software wallets for browser extensions has been mounting on MetaMask.

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Moreover, based on input from the beta testing, Kerbrat admitted to making changes to these other items. The wallet market is projected to become even more crowded this year due to the increased focus on digital identity.