Robinhood, a major app-based crypto and stock trading platform is taking things to the next level. It wants to rival the largest cryptocurrency wallet providers in the crypto industry.
For this purpose, Robinhood has decided to launch its own cryptocurrency wallet. With the launch of the new crypto wallet, the crypto trading service provider is entering the crypto wallet software industry.
New Wallet by Robinhood
Robinhood has announced that they have launched a cryptocurrency wallet that is based on the smartphone application.
The particular wallet is responsible for providing users with access to multiple services and facilities. The major facilities/services offered by the wallet include swapping ability for crypto and non-fungible tokens.
The users can view the non-fungible tokens that they own and they can also transfer cryptocurrencies using the wallet.
It was a year back when Robinhood announced that they were working on the development of a cryptocurrency wallet.
They had put together a setup that allowed interested users to sign up for the wallet to become shortlisted.
According to Robinhood, they have received more than 1 million requests and these users will be gaining access to the wallet before anyone else.
The selected users will be granted access codes for the particular wallets, so they can learn about its services and facilities.
Robinhood had already launched the beta version of its cryptocurrency wallet back in September 2022. However, the access was available only to around 10,000 users shortlisted from the waiting list.
Blockchain Used by Robinhood
Robinhood has confirmed that they had chosen to go for the Polygon blockchain for the development of the wallet.
The Polygon blockchain is known for being the sidechain of the Ethereum network, considered one of the largest crypto networks.
Using the particular network, Robinhood will be able to use the wallets to carry out transfers and swaps without being charged any fees.
The officials at Robinhood have confirmed that they have not kept their support limited to the Polygon network. They have confirmed that they have launched the wallet access through the Ethereum blockchain as well.
Why Launch another Wallet?
Robinhood has already launched its wallet for cryptocurrencies back in January 2022.
The trading application had launched a wallet that the users could use to send and receive crypto funds. The beta for the particular wallet was launched back in January 2022.
However, it wasn’t a unique or innovative wallet that could gain much attention in the cryptocurrency industry. It was just a typical wallet that was offered by Robinhood.
It did not offer any prominent or unique features that would make the wallet stand out among other wallets. It offered users the same utility as the wallets offered by Binance, Kraken, Coinbase, and other platforms.
However, this time, the wallet Robinhood is offering is comparable to the likes of Phantom and MetaMask. The wallet is no longer built into the trading application.
Instead, the application is now standalone and has to be downloaded separately. With this feature, it is the users that have complete access to the actions and tasks they can perform on the wallet.
They can access the advanced features, NFT marketplaces, and decentralized applications through the wallet.
The new wallet is set to become a complete game changer for Robinhood. It may bring it into the cryptocurrency industry as a major competitor of other major wallet providers.
By offering great utilities, Robinhood may be able to bring in more users to its platform. The more users the platform is able to attract, the more demand there would be for Robinhood in the market.
The teams at Robinhood are very excited about the launch of the new wallet. They are confident that their wallet will be able to give a tough time to some of the largest and most demanded crypto wallets, such as MetaMask.