By
Steve Muchoki
April 25th, 2024
With iOS users able to enjoy the benefits of Robinhood Wallet now, an Android-compatible version will be launched later this year.
Robinhood Markets Inc (NASDAQ: HOOD) has announced that its Robinhood Wallet is now officially available to all iOS users via the Apple App store in more than 130 countries.
#RobinhoodWallet is now available to everyone with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT
— Johann Kerbrat (@JohannKerbrat) March 1, 2023
According to Robinhood Crypto GM Johann Kerbrat, the app has received positive feedback from users and based on the reviews, has undergone a lot of upgrades since the beta launch in September.
Johann Kerbrat stated:
“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. They also told us they want access to more coins on more chains, which is why we’ve quickly added support for Ethereum.”
He further added:
“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.”
Among the key features of the app is its focus on security. For security purposes, users will have to set up a FaceID/Touch ID unlock or create a custom PIN to access the wallet every time. Besides, users will have to generate and store a recovery phrase.
Robinhood Wallet is a self-custody wallet that allows users to swap and trade crypto easily without additional fees for crypto transfers. Its beta version was released back in September 2022, giving 10,000 waitlisted customers the ability to participate in the wallet’s testing phase. Further, in January 2023, the company started to roll out Robinhood Wallet to over 1 million users waitlist.
Initially, Robinhood Wallet supported Polygon (MATIC). Now, it also supports Ethereum (ETH) and more than 50 ERC tokens, as well as enables users to transfer tokens like Compound (COMP), Shiba Inu (SHIB), Solana (SOL), Uniswap (UNI), USD Coin (USDC), and more. In addition, the Robinhood Wallet app now supports non-fungible tokens (NFTs) on both Ethereum and Polygon.
With iOS users able to enjoy the benefits of Robinhood Wallet now, an Android-compatible version will be launched later this year.
Robinhood Facing Scrutiny from SEC
Recently, Robinhood received an investigative subpoena from the US Securities and Exchange Commission (SEC) over its crypto activity, particularly “cryptocurrency listings, custody of cryptocurrencies, and platform operations.” It happened a month after the FTX crypto exchange filed for bankruptcy protection. In addition, earlier, Robinhood received similar subpoena requests from the California Attorney General’s office regarding its trading platform, custody of customer assets, customer disclosures, and coin listing.
When asked if the company would stop crypto trading, Robinhood stated that it depends on the extent to which the SEC determines whether the cryptocurrencies it supports are securities. If so, Robinhood might have to stop trading those particular digital assets. This might also result in regulatory penalties, customer liabilities, and judicial or administrative sanctions.