New Crypto-Wallet by Robinhood launched on IOS Devices; Excerpts

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The emergence of cryptocurrencies and the blockchain sector as a whole disrupted the finance industry on a global level. Concepts surrounding economics, the future of global monetary systems and several other categories too were impacted greatly by the introduction of cryptocurrencies into mainstream media. This rate of growth has started to become more prominent, with the latest development being a cryptocurrency wallet launched by the popular investing app Robinhood.

There was much speculation about multiple financial companies adopting and embracing blockchain technology as a thing of the future. This is exactly what has happened over the past couple of months, where several top institutions were seen taking an interest in understanding and integrating cryptocurrencies into their operations.

The wider financial community was ready for Robinhood to do the same and this is exactly what happened. But in order to understand why this is an important step towards the further growth of crypto and much more, it is vital to understand more about Robinhood and its association with the finance industry.

What is Robinhood?

Headquartered in California, Robinhood was launched in 2013 by Vladamir Tenev and Baiju Bhatt. It essentially facilitates the commission-free trading of stocks, exchange-traded funds and cryptocurrencies as well as individual retirement accounts through its dedicated mobile app which was introduced in March 2015. Since its inception, Robinhood has instantly grown to become one of the most sought-after finance apps for a huge chunk of investors in the US.

The platform is regulated by FINRA and is registered with the U.S. Securities and Exchange Commission as a legitimate business. As a member of the Securities Investor Protection Corporation of the US, Robinhood has been a company which has always been on the receiving end of criticism and appreciation from organizations and investors across the globe. It earns most of its income by earning a good sum of interest on the cash balances left by users in their accounts and margin lending. By 2022, the company boasted more than 22.8 million funded accounts of which more than 15 million consisted of active users.

The Beta Crypto Wallet was Rolled out Last Year

The intentions of Robinhood to extend its services into the blockchain industry were evident by the end of the 2021 bull run. The company released the beta version of its Web3 wallet to about 10,000 users to understand and study its potential as a service provided within the mobile app ecosystem. Naturally, this was received by the community with much enthusiasm, which boosted the excitement around the Polygon-based wallet introduced by the finance giant.

Robinhood had already started listing some top cryptocurrencies like USDC around the same time, which would indicate that the plans for bringing in cryptocurrency services were in the working for a long time.

IOS Devices to Support the Robinhood Wallet

Robinhood announced that it will make the cryptocurrency available on devices that support Apple’s operating system iOS. It made this information public through a blog post and states that the service now available globally would not require any kind of waitlist or invitation. More than 1 million users had already been on the waitlist to get access to the wallet in the past couple of months. This new development announced by the company is now expected to help its customers gain more exposure to the blockchain industry.

Currently, Robinhood’s crypto wallet supports the Polygon and Ethereum Chains, which are two of the most used blockchain networks globally. The team has also set up a promotional activity where “for a limited time, users can kick start their new Robinhood Wallet and earn up to 5 USDC after transferring $10 of crypto from Robinhood Crypto, or 1 USDC after transferring $10 from another wallet or exchange.”

Robinhood stated in the same blog that users from over 130 countries have already downloaded and started using the wallet service, which is indeed an impressive figure considering the current market conditions. Users can hold and trade cryptocurrencies with the help of the multi-chain, self-custody Robinhood Wallet, which connects to a variety of decentralised applications (dapps).

In order to support the subsequent generation of Web3 users, it combines the straightforward and understandable interface that customers have come to expect from Robinhood with strong functions that go beyond the capabilities of a normal wallet. The private keys to the user’s crypto assets are held and maintained by them alone, giving users complete control over their crypto.

Robinhood Wallet now includes the option to transfer tokens like COMP, MATIC, SHIB, SOL, UNI, USDC, and many more, in addition to Polygon and Ethereum. It allows users to transfer assets on the polygon network for no fees at the moment while also adding support for NFTs on the Polygon and Ethereum chains. The team also mentioned that they will be looking to make the wallet available for android users sometime during 2023 itself.

How Does this Affect the Blockchain Industry

At the moment, there are only a couple of major companies that have embraced cryptocurrencies as a medium of exchange with value. A company as massive as Robinhood adopting it as a part of its services is a sign that more such companies may follow, which could only have a massive positive effect on the overall sentiments around the potential of crypto as an asset class. Thus, the defi wallet launch of Robinhood is surely an event that could fuel the growth of cryptocurrencies in the long run, which was already speculated by several popular crypto-based influencers in the industry.

Conclusion

While the crypto industry still has a long way to go in order to achieve its all-time high again, such innovative product releases and adoption by massive institutions can be a good sign for investors looking to park their funds in the market. While more information on how the company aims to use their wallet to provide value to customers is yet to come out, there is no doubt that a massive chunk of the investing citizenry will now start looking at crypto as a potential investment option, if they haven’t started injecting money into the industry already.

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