- Robinhood has launched the Robinhood Wallet, a standalone app that allows users to swap and transfer crypto and view their owned NFTs.
- The wallet uses Polygon to offer swaps without network fees.
- The company is positioning the wallet as a “browser” for Web3, similar to popular wallets like MetaMask and Phantom.
Robinhood, the popular trading app, has finally entered the crypto wallet game with the launch of the Robinhood Wallet. The new feature is currently being rolled out to over 1 million waitlisted users and allows users to swap and transfer crypto and view their owned NFTs. The wallet is being launched as a standalone, separate from the original trading app.
It is designed to give users total control over their crypto and access to more advanced features.
How the Robinhood Wallet works
The Robinhood Wallet uses Polygon, an Ethereum sidechain, to offer swaps without network fees. The company is positioning the wallet as a “browser” for Web3, similar to popular wallets like MetaMask and Phantom.
The decision to use Polygon as their exclusive blockchain partner was based on the network’s scalability, speed, low network fees, and robust developer ecosystem. The company plans to become a multichain wallet that supports many blockchains eventually.
According to Robinhood’s General Manager Johann Kerbrat,
“We built this product to solve the challenges that many users had using competing products, which include unintuitive design and high fees. We heard from our beta users that other products in the market are too complicated to use.”
The Robinhood Wallet is available only on iOS mobile devices, with Android support planned for later this year. When asked if a desktop browser extension might work, a Robinhood representative said they could not “speculate on the future.”
The benefits of the Robinhood Wallet
The launch of the Robinhood Wallet is an important development for the company, as it marks a significant shift in its crypto strategy. Previously, the company had referred to a new transfer feature on its original trading app as a “Crypto Wallet” product.
This feature, launched in beta in January 2022, finally allowed Robinhood users to transfer crypto to and from the platform. However, this was not a “wallet” in the traditional sense, as it was no different from how users could transfer crypto to and from other crypto trading apps like Coinbase, Kraken, and Binance.
The Robinhood Wallet is a significant step forward for the company. It gives users more control over their crypto and access to more advanced features like connecting to decentralized apps and NFT marketplaces. It also offers a solution to many users’ challenges using other products, such as unintuitive design and high fees.
The launch of the Robinhood Wallet is a significant step forward for the company and its users, as it allows users to have more control over their crypto. Overall, the Robinhood Wallet is an excellent addition to the crypto wallet market and a welcome development for the company’s users.
