FinTech News
Robinhood’s Non-Custodial Crypto Wallet Now Available for iOS
A new crypto app from Robinhood has finally arrived. This week, the FinTech announced that its Wallet app was available to download in the Apple App Store, making it accessible to all iOS users. Previously, the app was only available to a select number of users while more than a million customers remained on the waitlist. Now, no waitlist reservation or invitation code is required to download the app and begin using it. According to Robinhood, an Android version is set to follow “later this year.”
Last summer, Robinhood announced plans to introduce a non-custodial web3 crypto wallet. This standalone application would be separate from Robinhood Crypto wallet capabilities that the company introduced in late 2021 (with a beta) after years of requests from customers. Unlike that feature, Robinhood Wallet gives users full custody of their cryptocurrency and NFT assets. As a result, while currencies can be received and sent from the app and “swapping” certain assets is enabled, users cannot trade crypto on the Wallet app.
Since Robinhood Wallet debuted in beta last fall, the company says it’s made a series of updates to the product, leading up the this week’s launch. For example, in addition to Polygon, the app now supports Ethereum and 50+ ERC tokens.
When customers first download and open Robinhood Wallet, they can secure their wallet using either Face/Touch ID or a custom PIN. Additionally, customers will create a recovery phrase for greater security. Robinhood recommends that users manually back up this phrase and not share it with anyone.
To celebrate the wide launch of Robinhood Wallet, the company is also offering users a bonus opportunity. Currently, those who open a new wallet and transfer at least $10 worth of crypto from Robinhood Crypto to said wallet can earn up to 5 USDC. Alternatively, those who transfer at least $10 worth of crypto from a different wallet or exchange can earn a 1 USDC bonus.
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In a blog post announcing these updates, Robinhood GM Johann Kerbrat said, “The feedback we’ve received for Robinhood Wallet since first launching in beta has been extremely positive. Users have told us they love how accessible and easy to use the app is, and that they really enjoy the ability to self-custody their digital assets and swap with no network fees on Polygon.” Kerbrat continued, “They also told us they want access to more coins on more chains, which is why we’ve quickly added support for Ethereum. While we recognize it’s been a tumultuous 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 to crypto.”
As Kerbrat notes, the cryptocurrency space has experienced a turbulent few months, making it a bit awkward that this new app is arriving now. Despite that, it seems like a welcomed addition for those who use Robinhood as well as those who don’t. Plus, if anything, recent events show why it’s important for customers to hold the keys to their own crypto. For that reason alone, perhaps Robinhood Wallet will be a benefit to the oft-maligned FinTech.
