The company Robinhood Markets Inc has stated that its Robinhood Wallet is now available worldwide to all iOS users worldwide through the Apple App store.
After the beta introduction in September, the app has been subjected to many enhancements, as stated (1) by the General Manager of Robinhood Crypto, Johann Kerbrat.
#RobinhoodWallet is now available to everyone with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT
— Johann Kerbrat (@JohannKerbrat) March 1, 2023
Based on the reviews, the app has also undergone good changes since the launch of the beta version.
Johann Kerbrat stated:
“Users have shared with us that they like how readily available and simple it is to use the app and that they find it really convenient to self-custody their digital assets and trade on Polygon without paying any network fees. They also mentioned that they want exposure to more coins on more networks, which is why we launched support for Ethereum so soon.”
He continued by saying:
“While we are aware that the cryptocurrency industry has been going through a turbulent period over the past few months, we remain dedicated to our aim of making Robinhood one of most trustworthy, low price, and simplest to use on-ramp to crypto,”
The software strongly emphasizes safety, which is one of its distinguishing characteristics.
Users will be required to set up a FaceID or Touch ID unlock or establish a custom PIN to access the wallet every time. This is a security measure. In addition, users will be required to produce and save a recovery phrase.
The Robinhood Wallet is a self-custody wallet that enables users to exchange and trade cryptocurrencies easily and hassle-free without incurring additional costs for cryptocurrency transfers.
Back in September 2022, its beta version was made available for download, allowing 10,000 consumers who had previously been placed on a waiting list to participate in the wallet’s testing phase.
Moreover, the business began distributing the Robinhood Wallet to its over one million subscribers in the queue in January of 2023.
In the beginning, Robinhood Wallet was able to support Polygon (MATIC). Today, it also accepts Ethereum (ETH) and more than 50 ERC tokens.
Additionally, it enables users to transfer tokens such as Compound (COMP), Shiba Inu (SHIB), Solana (SOL), Uniswap (UNI), and Dollar Coin (USDC), amongst others.
In addition, the Robinhood Wallet app now supports non-fungible tokens (NFTs), which can be used on either Ethereum or Polygon.
The advantages of Robinhood Wallet are currently available to users of iOS, and a version compatible with Android will be introduced later this year.
The SEC vs. Robinhood
Lately, the United States SEC issued a subpoena to Robinhood to investigate the company’s cryptocurrency activities, namely “cryptocurrency listings, custody of currencies, and platforms activities.”
It occurred a month after the FTX cryptocurrency exchange requested protection under bankruptcy laws.
In parallel, earlier, the office of the California Attorney General sent similar subpoena requests to Robinhood concerning its trading platform, security of existing assets, consumer declarations, and currency listing.
When asked if the business would stop trading crypto, Robinhood responded that the decision would depend on the degree to which the SEC decides whether the cryptos it offers are securities or not. In that case, Robinhood might be required to discontinue trading in those specific digital assets.
This may also result in fines imposed by regulatory agencies, liabilities incurred by customers, and sanctions imposed by the judiciary or administrative agencies.