Robinhood Wallet Rolled Out to Over 1M Customers on Waitlist, HOOD Shares Down 2.7%

UTC by Steve Muchoki · 3 min read
Robinhood Wallet Rolled Out to Over 1M Customers on Waitlist, HOOD Shares Down 2.7%
Photo: Depositphotos

Once the user downloads and receives access, Robinhood Wallet grants each customer $5 in crypto.

Robinhood Markets Inc (NASDAQ: HOOD) has announced the launch of its Web3 Wallet which will be rolled out to over 1 million users on the waitlist. Robinhood has been running the beta version of the Web3 wallet for almost a year to obtain feedback from the users and adjust features accordingly. The Robinhood Wallet is set to revolutionize the Web3 market by providing zero fees swaps and crypto trades.

Robinhood Wallet

Reportedly, the company will be sharing access codes with customers that will give them entry to the Robinhood Wallet iOS app. Once the user downloads and receives access, Robinhood Wallet grants each customer $5 of crypto. The feature is a marketing strategy aimed at attracting more customers from competitors like MetaMask.

“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,” Robinhood’s General Manager Johann Kerbrat noted.

Notably, the Robinhood Wallet has integrated with Ethereum and Polygon networks and promised to incorporate more blockchains in near future. As such, Robinhood Wallet will support over 50 ERC tokens that are already listed including COMP, MATIC, SHIB, SOL, UNI, and USDC.

The Wallet has also incorporated NFT support from both Ethereum and Polygon for customers to safely store their collectables. The move to integrate Polygon is to ensure scalability on the Ethereum network.

Robinhood and the Market Outlook

Founded in April 2013 by Vladimir Tenev and Baiju Bhatt, Robinhood Markets has grown into a respectable global trading platform. According to metrics provided on the official website, the company takes pride in 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.

The company has widened its revenue collection avenues as shown by its 22Q3 results. Notably, Robinhood reported total net revenues of approximately $361 million.

“In the third quarter we achieved our goal of reaching adjusted EBITDA profitability, a quarter earlier than planned,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. “We delivered on top feature requests for customers including advanced charts, options in cash accounts, instant withdrawals and our self-custody, web3 wallet. In the next week, we are raising the yield on uninvested cash for Gold members – making it one of the best rates in the industry.”

Meanwhile, HOOD shares closed January 19 trading at $9.05, down 2.79 percent from the day’s opening price. The company’s stock market has dropped approximately 33 percent in the past year according to data from MarketWatch.

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Steve Muchoki

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