The popular US-based trading platform Robinhood launched a crypto wallet in the Apple Store with support for Shiba Inu (SHIB), and the second layer solution Polygon (MATIC). The custody wallet has “been downloaded in more than 130 countries,” per the official announcement.
Robinhood Wallet To Support Polygon, And For Giveaway Money
The wallet allows users to trade and swap cryptocurrencies and connect to several blockchains and decentralized applications (dApps). Robinhood claims its wallet incorporates “powerful tools that push the boundaries of typical wallets.”
In addition, the company has worked to make this product user-friendly and intuitive for people with all levels of experience and “support the next generation of Web3 users.” Robinhood will reward users with 5 USDC for sending $10 in crypto to their wallet or 1 USDC after sending $10 from a crypto exchange.
According to the announcement, the trading platform’s crypto wallet has received positive user feedback. Johann Kerbrat, General Manager of Robinhood Crypto said:
Users have told us they love how accessible and easy to use the app is, and they really like the ability to self-hold digital assets and exchange without network costs in Polygon. They also told us they wanted access to other coins on other chains, so we quickly added support for Ethereum. While we know it’s been a busy few months in the crypto space, we remain committed to our mission to make Robinhood the most trusted, lowest-cost, and easiest-to-use on-ramp for crypto.
When Will Robinhood Wallet Be On Android?
Robinhood is aware of the potential risks associated with transactions with cryptocurrencies. Therefore, iOS users need to set up multiple layers of security, including Face/Touch ID and PIN, and generate a seed phrase with their private key.
In addition to Polygon and Ethereum, the crypto wallet will support several tokens in the ERC-20 format. These tokens are some of the most used in the crypto market and decentralized finance (DeFi) ecosystem, such as Uniswap (UNI), Compound (COMP), USDC, and others.
Users can access non-fungible tokens (NFT) on Ethereum and Polygon and store digital assets from the collection in crypto wallets. Any transaction made with Polygon will be free of charge to incentivize users to explore the Web3 and DeFi ecosystem.
According to the announcement, the Robinhood crypto wallet will be launched on the Android operating system in 2023, but there is no specific date. However, users can join the waiting list by clicking the link below and receive notifications when the wallet is launched.
The company behind the popular trading platform will launch its Web3 browser in the coming months. This product is part of Robinhood’s strategy to establish a stronger foothold in the emerging industry and expand its in-app rewards program.