- Robinhood has launched its Web3 Wallet to over one million users on its waitlist.
- The new app supports over 50 ERC tokens, including SHIB and Solana.
- The company has over $65 billion in assets under custody as of September 30, 2022.
Robinhood Markets, Inc., a financial services company headquartered in California, has launched its Web3 Wallet, rolling out to over 1 million users on its waitlist. Robinhood general manager Johann Kerbrat posted about the launch recently on Twitter.
Kerbrat noted that the company made tremendous improvements to the previous beta version program based on customer feedback.
Robinhood has been running the beta version of the Web3 wallet for almost a year, gathering users’ feedback and adjusting features accordingly. The new Robinhood Wallet aims to revolutionize the crypto market by providing zero fees on swaps and crypto trades.
Interestingly, Robinhood Wallet grants each customer $5 of crypto once the user downloads and gains access to the app, a marketing strategy aimed at attracting more customers from competitors like MetaMask.
The general manager added:
The Robinhood Wallet is a completely different product housed in a separate, standalone app that gives users total control over their crypto and provides access to more advanced features, like connecting to decentralized apps and NFT marketplaces.
The new app supports projects on the Ethereum ERC network. Users can transfer over 50 ERC tokens on the app. Coins such as Compound Finance (COMP), Polygon (MATIC), Shiba Inu (SHIB), Solana (SOL), UNI, USDC, and more.
According to metrics provided on the official website, Robinhood has over 12.2 million monthly active users with over 22 million net cumulative funded accounts. Additionally, the company has over $65 billion in assets under custody as of September 30, 2022.