Retail Trading Giant Robinhood Launches Crypto Wallet

Retail trading giant Robinhood is rolling out its digital wallet to over 1 million waitlisted users after initially releasing the beta version to just 10,000 customers last September.

The Robinhood Wallet is a standalone smartphone app that allows users to trade and transfer crypto assets as well as access decentralized apps (DApps) and store non-fungible tokens (NFTs).

In a series of tweets, Robinhood general manager Johann Kerbrat says the California-based firm introduced new changes in response to feedback from customers who participated in the beta program.

The app now supports over 50 tokens including Compound (COMP), Polygon (MATIC), Shiba Inu (SHIB), Solana (SOL), USD Coin (USDC) and Uniswap (UNI). Customers can transfer these tokens from the Robinhood app and other platforms to the Robinhood wallet.

The web3 wallet uses the layer-2 scaling solution Polygon (MATIC) to enable swaps without network fees. Kerbrat says the platform now also supports leading smart contract platform Ethereum (ETH).

“We’ve also added support for NFTs on both Ethereum & Polygon, so you’re able to safely view and store your favorite collections. Along with these improvements, you can still swap crypto & tokens with no network fees on Polygon, and connect to your favorite web3 apps.”

Kerbrat says they will email the access codes that will give customers entry to the Robinhood Wallet iOS app. Those who get to download and access the app will also receive $5 worth of crypto in their wallet.

“We’re giving access on a rolling basis over the coming weeks. If you’re late to the party, you can still join the waitlist here”

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