- Robinhood has launched its Wallet app for 1 million smartphone users.
- The Wallet is currently only available across iOS mobiles and computers.
- Users can now view their NFTs and swap and trade crypto via Wallet.
Today, the company debuted the Robinhood Wallet app for smartphones, which enables users to view owned NFTs, as well as swap and transfer cryptocurrency. According to Robinhood, it is currently being gradually made available to its over 1 million users who are on the waitlist via an access code. Just 10,000 people in queue received the beta release in September.
The Robinhood Wallet enables crypto swaps on the Polygon blockchain at zero network fees. In addition, Ethereum support was also introduced on the wallet today. The firm’s General Manager, Johann Kerbrat shared:
The Robinhood Wallet is a completely different product housed in a separate, standalone app that allows users to have total control over their crypto and provides access to more advanced features, like connecting to decentralized apps and NFT marketplaces.
On its original trading app, Robinhood first referred to the new transfer feature as a “Crypto Wallet” product. Last year, the service went live in beta and allowed users to finally send and receive crypto. However, the Robinhood Wallet being released today is more comparable to MetaMask, Phantom, or the Coinbase Wallet, since it offers the same services including the transfer of crypto.
Moreover, Kerbrat claims that the Robinhood Wallet is more of a “browser” for Web3. The app is built to solve the challenges that users face while using competing products, which include unintuitive design and high fees.
Currently, the Robinhood Wallet app is available on iOS devices. Nevertheless, a representative shared that the desktop browser extension is in the works and added that they were unable to “speculate on the future.”