Robinhood Launches Wallet For iOS With Support For Polygon And SHIB

Popular U.S. based trading platform Robinhood launched its crypto wallet on the Apple Store with support for Shiba Inu (SHIB), and the second-layer solution Polygon (MATIC). The self-custody wallet has been “already downloaded in over 130 countries,” per an official announcement.

Robinhood Wallet To Support Polygon, And To Giveaway Money

The wallet allows users to trade and swap cryptocurrencies and to connect to several blockchains and their decentralized applications (dApps). Robinhood claims its wallet integrates “powerful tools that push the boundaries of a typical wallet.”

In addition, the company has been working on making this product user-friendly and intuitive for people with all degrees of experience and “support the next generation of Web3 users.” Robinhood will offer users a 5 USDC reward for sending $10 in crypto to their wallets or 1 USDC after sending $10 from a crypto exchange.

According to the announcement, the trading platform’s crypto wallet has received positive user feedback. Johann Kerbrat, General Manager of Robinhood Crypto said:

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. 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.

When Robinhood Wallet On Android?

Robinhood is aware of the potential risk associated with transacting with cryptocurrencies. Therefore, iOS users must set up multiple security layers, including a Face/Touch ID and a PIN, and generate a seed phrase with their private keys.

In addition to Polygon and Ethereum, the crypto wallet will support several tokens in the ERC-20 format. These tokens are some of the most widely used in the crypto market and the decentralized finance (DeFi) ecosystem, such as Uniswap (UNI), Compound (COMP), USDC, and others.

Users can access non-fungible tokens (NFTs) on Ethereum and Polygon and store their digital assets from their collections on the crypto wallet. Any transaction conducted with Polygon will have zero fees to incentivize users to explore the Web3 and DeFi ecosystem.

As per the announcement, the Robinhood crypto wallet will launch on the Android operating system sometime in 2023, but there is no specific date. However, users can join the waitlist by clicking the following link and receiving notifications when the wallet launches.

The company behind the popular trading platform will launch a Web3 browser in the coming months. This product is part of a Robinhood strategy to set up a stronger foothold in the nascent industry and to expand their in-app rewards program.