Robinhood, the app-based trading platform has just strengthened its spot and presence in the world of cryptocurrencies. Due to the new announcement, the company is on the right track to gaining recognition in the entire crypto-verse.
The Need for a Crypto Wallet
Robinhood has been in the crypto business for a while but it was not able to earn much crypto market attention. The main reason behind that was the lack of services and utilities it had to offer the crypto users.
Being new to the crypto world, Robinhood lacked what other old crypto platforms were already offering their users.
There was a great need for Robinhood to offer something that could finally help the platform gain popularity throughout the world of cryptocurrencies.
The trading platform faced huge losses between late 2021 and throughout the year 2022. During this time, the platform announced that it was working on the launch of a new cryptocurrency wallet.
Right after the announcement, the platform was amazed to see the great level of interest the users had shown in the wallet. It even launched a waitlist for users wanting to gain early access to the crypto wallet.
In a short period of time, the platform was able to grow its waitlist by more than 2 million. This literally meant that the investors were eager to join Robinhood only if it offered them a crypto wallet.
Robinhood Launches iOS-based Wallet
With so much interest being taken by the users into the wallet, the developers working on the crypto wallet at Robinhood had to expedite the process.
Although the development took longer than expected for the trading platform, it has managed to launch the new wallet.
The company has announced that in the initial round, the wallet has been launched for iOS users. The wallet is based on Web3 technology and it is now available for Apple users through the App Store.
The firm has announced that the wallet is now available for access to more than 130 countries worldwide. It is quite an exciting announcement for iOS users but Android users feel left out of the joy.
Robinhood has apologized to all the Android users for the delay but it has communicated that it is working on the launch of the wallet.
It is giving in all of its efforts to finalize the development of the wallet so the users have access to it as early as possible.
Although the firm hasn’t given an exact date they have confirmed that the Android-based wallet will be released later this year.
Details about the Wallet
It was back in September 2022, when Robinhood’s development teams launched the beta version of the token. They confirmed that the wallet was based on the Ethereum network, the largest blockchain in the crypto-verse.
However, the point was not to confine the wallet to a single blockchain. As of now, the wallet is based on the Ethereum as well as the Polygon blockchain networks.
Teams have revealed that they want the wallet to be available multi-chain. They want every user within the cryptocurrency industry to be able to connect with the wallet no matter the blockchain they are on.
It is going to be a self-custody wallet so the users will be in charge of that and Robinhood will have no access to it.
Supported Tokens by the Wallet
The Robinhood officials have shared the names of the tokens that the wallet is going to support.
They have revealed that the wallet supports more than 50 ERC tokens. The users have the ability to buy, sell, and even hold these cryptocurrencies.
As communicated by the officials, the wallet has the ability to support major tokens such as Litecoin, Bitcoin, Ethereum, and many more.
On top of that, the wallet will be offering more tokens to users in the future. The tokens they want to offer in the future include SHIB, MATIC, UNI, and USDC.