Quick take:
Robinhood Markets Inc. (NASDAQ: HOOD) has officially launched its upgraded mobile wallet app with crypto and NFT support. The highly anticipated wallet was initially announced in May last year.
Based on the wallet screenshots uploaded on the App Store, the new Robinhood wallet allows users to own and control their decentralised assets, including swapping crypto at zero network fees. The wallet will also allow users to secure and display non-fungible tokens (NFTs).
The launch comes as the company looks to expand its ecosystem beyond stock brokerage by tapping onto opportunities in web3. In the May 2022 announcement, the company said users will be able to connect the wallet to NFT marketplaces and decentralised exchange platforms.
The zero-fee crypto-swapping service aligns well with Robinhood’s commission-free business model that has seen it onboard a massive user base onto retail stock trading.
The revamped mobile wallet currently allows users to view tokens and NFTs on Ethereum and Polygon blockchains. A statement on the app’s official page on App Store also indicated that the company plans to add support for more blockchains soon.
“Swap crypto with no network fees on Polygon. Take full control and ownership of your crypto (on Ethereum and Polygon with more soon), decentralized apps (dapps), and NFTs with a wallet built for web3,” the statement reads.
The latest update to the app, Version 2023.3.1 also features some key improvements and bug fixes and is compatible with iOS 14.0 or later.
Robinhood’s new mobile wallet app will be competing with the likes of Coinbase, which supports both NFTs and crypto trading. Coinbase CEO Brian Armstrong revealed last year that its crypto custody wallet was the most downloaded wallet in the US.
Robinhood’s bid to onboard users to its new wallet will be boosted by its already huge user base that includes crypto and retail stock traders.
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