Robinhood Launches Multichain Self-Custody Wallet on Apple’s App Store

Robinhood, a trading platform, has released its Web3 wallet on Apple’s App Store. This makes it accessible to users of iOS in more than 130 countries. According to a post made on March 1 by Robinhood, users can now access the new self-custody wallet. The wallet supports multiple chains without waiting on a waitlist. Robinhood also stated that the wallet will be available on Android “later this year.”

Robinhood also plans to add more cryptocurrencies to its platform and enable users to transfer their holdings to external wallets. The wallet’s user-friendly interface and wide range of supported tokens make it a popular choice for crypto traders. Robinhood Crypto general manager Johann Kerbrat said customers wanted access to more coins and tokens on more chains.

The company has also announced plans to integrate other blockchain networks and expand its cryptocurrency offerings in the future. Robinhood NFTs will not be subject to Apple’s 30% commission on purchases of apps and in-app digital goods and services.

The Robinhood Wallet is self-custodied, and users have several self-verification methods that can be implemented to provide security. Users must set up either Face/Touch ID or a custom PIN to authenticate when they open the app. This phrase should be kept safe and not shared with anyone, as it is the only way to recover their funds. If someone gains access to the seed phrase, they can steal the crypto in the wallet.

Mixed Reactions to Robinhood Wallet Security

However, the security mechanisms set in place with the Wallet have garnered support from only a portion of the people. A Reddit poster named “StamInBlack” expressed dissatisfaction with the option of storing seed phrases on iCloud, while others in the same thread voiced unrelated reservations with the trading platform. Despite some criticism, Kerbrat said the feedback on the Robinhood Wallet thus far has been highly positive.

Robinhood stated that it cooperates with the SEC and commits to addressing any concerns the regulator may have. The company’s recent move to expand its cryptocurrency offerings may be part of its efforts to demonstrate its commitment to the crypto market.

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Despite the SEC subpoena, Robinhood continues to expand its offerings, including the launch of the Robinhood Wallet. The wallet’s user-friendly interface and intuitive design make it a popular choice among cryptocurrency enthusiasts. Users can also earn rewards by staking their crypto through the wallet.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing