Crypto trading is now easier for Robinhood's iOS users.
The company recently released its self-custodial crypto wallet app for all iOS users, allowing them to own and swap crypto with paying transaction fees.
Robinhood's wallet app will launch for Android users sometime in 2023; the company did not give a specific date for the app's Android release.
Robinhood Wallet App Details
Robinhood Wallet is a multi-chain, self-custody Web3 wallet that allows users to own and swap crypto and connect to various decentralized applications, per the company's announcement. It features simple and intuitive designs users are familiar with from Robinhood, along with tools that "push the boundaries" of a typical wallet to support the next generation of Web3 users.
The company mentioned that users can still swap crypto and tokens with no network fees on Polygon (MATIC), explore Web3 and Decentralized Finance (DeFI), and connect to their favorite apps. However, it made a few changes to the app ever since its beta test in Sept. 2022, per Coin Telegraph.
Here are the changes Robinhood made to its wallet app since its beta version:
- Added support for Ethereum and 50+ ERC tokens along with the ability to transfer tokens like Compound (COMP), Polygon (MATIC), Shiba Inu (SHIB), Solana (SOL), USD Coin (USDC), and other cryptocurrencies.
- The app now has support for NFTs on both Ethereum and Polygon; users can now safely view and store their favorite collections using the Robinhood Wallet app.
Tech Crunch noted that the app's beta version launched exclusively with Polygon, limiting the options testers had at the time. However, Johann Kerbrat, GM of Robinhood Crypto, mentioned that it received feedback from beta testers asking the company to give them more access to more coins and chains.
As such, Robinhood added support for Ethereum and other cryptocurrencies and NFTs. Apart from the request, the Kerbrat revealed that users found the app accessible, and user friendly, and how enjoyable its ability to self-custody their digital assets and swap with no network fees on Polygon is.
Robinhood Wallet Security
As for the app's security, users are required to set up a FaceID, TouchID, or a custom PIN to access the app every time. The app will also ask users to create a secret recovery phrase, also known as a seed phrase, that allows them access to their wallet and crypto.
Robinhood advises users to back up their wallets by either manually writing down the seed phrase they created and storing it in a safe place offline or by saving it in a secure password manager.
Robinhood did not mention anything about two-step authentication.
However, this method of backing up the wallet app didn't go well with some people. A Reddit user going by the name of "StamInBlack" wasn't enthusiastic at the thought of storing seed phrases on iCloud regardless of the idea's validity.
To store a seed phrase in iCloud, users are advised to follow these instructions:
- Open iCloud and go to backups & Security
- Under Backups, select the wallet you want to back up
- Select Back it up to iCloud
- Enter and confirm the password of your choice
- Select Save and back up
