The wallet currently supports Ethereum and Polygon, but it plans to expand in the future by adding new networks.
On January 19, cryptocurrency investing platform Robinhood announced the launch of its self-custody Wallet.
Robinhood launched Wallet, an iOS app that allows users to transfer and view their crypto and NFT holdings. Wallet is gradually being rolled out, with a waiting list of over one million people.
Set to grow
At the moment, Robinhood Wallet only supports the Ethereum (ETH) and Polygon (MATIC) networks, but this will change in the future. Android compatibility is also expected later this year.
According to Robinhood CEO Johann Kerbrat’s description of the product, Robinhood Wallet will compete with MetaMask and Phantom. Kerbrat stated to Decrypt:
“This is much more than just a wallet—think of the Robinhood Wallet as a ‘browser’ for Web3.”
Kerbrat also stated that the Wallet is a separate standalone app that provides more advanced features such as connecting to dApps and NFT marketplaces, in addition to full asset self-custody. The popularity of self-custody wallets has grown throughout 2022.
KEEP THIS IN MIND
You can currently only use one wallet address in the app at a time. Multiple addresses are currently not supported.
Charges and disclosures
Currently, Robinhood does not charge service fees for token swaps. Fees are subject to change without notice.
Blockchain transaction processing fees are known as network fees or gas fees. These fees are sent to the network along with your transaction. The fee varies according to the network’s transaction volume, confirmation speed, and transaction size.
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