Robinhood rolls out self-custodial digital asset wallet to iOS users globally

Robinhood’s (NASDAQ: HOOD) self-custodial wallet is now available to all iOS users globally, five months after it launched in beta.

#RobinhoodWallet is now available to everyone with iOS: https://t.co/yUdL8jCgJN pic.twitter.com/q7RIWBJUIT

— Johann Kerbrat (@JohannKerbrat) March 1, 2023

The wallet was launched in September to the 10,000 users who had joined the waitlist in May 2022. By January, the company expanded the beta to a million users. According to Johann Kerbrat, the General Manager of Robinhood Crypto, the wallet’s reception has been “extremely positive.”

“Users have told us they love how accessible and easy to use the app is and that they really enjoy the ability to self-custody their digital assets and swap with no network fees,” he commented.

At launch, the wallet only supported Polygon (NASDAQ: MATIC-USD), the Ethereum layer-2 network. Users could purchase MATIC, Polygon’s native token on the Robinhood Crypto platform, and transfer it to the wallet. The company also promised its users access to DeFi applications directly from the wallet.

Robinhood has now added support for Ethereum and several ERC-20 tokens, including the USDC stablecoin. It also allows users to hold Ethereum and Polygon-based non-fungible tokens (NFTs). Swapping tokens on Polygon through the wallet incurs no fees.

“Users told us they want access to more coins on more chains, which is why we’ve quickly added support for Ethereum,” Kerbrat noted.

The new app comes following a drastic dip in trading volume for Robinhood Crypto. In the year ending October last year, volume dipped by 80%, while assets under custody dropped 37%. The platform’s users also plunged 36% to hit 12.5 million as the bear market took its toll on the California-based company. While the company recorded a rise in January, they are still well below 2021 levels.

Despite the upheavals, Kerbrat pledged Robinhood’s commitment to digital assets.

“While we recognize it’s been a tumultuous few months in the crypto space, we remain committed to our mission to make Robinhood the most trusted, lowest cost, and easiest to use on-ramp to crypto,” he stated.

As it builds its digital wallet, Robinhood is scrambling to detach from the disgraced Sam Bankman-Fried. SBF bought $578 million shares in the company in May, reportedly on borrowed money.

In its Q4 report, released last month, the company revealed that its board had instructed it to buy back the shares from Emergent Fidelity Technologies, the investment vehicle SBF used to purchase the shares.

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