Make Kitco Your Homepage

Robinhood's crypto wallet starts rolling out to users on the waitlist

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - U.S.-based retail trading giant Robinhood has announced that it has started to roll out its Robinhood Wallet to the users on its waitlist following the completion of its beta testing program, which gave access to 10,000 customers in September.

The announcement was made in a series of tweets by Robinhood general manager Johann Kerbrat. He noted that the company used the feedback provided by beta testers to introduce new changes to the app, which should improve the overall user experience.

The Robinhood Wallet is a standalone smartphone app that allows users to trade and transfer crypto assets, access decentralized applications (DApps) and store non-fungible tokens (NFTs).

According to Kerbrat, the app now supports more than 50 ERC-20 tokens, including Compound (COMP), Polygon (MATIC), Shiba Inu (SHIB), Solana (SOL), Uniswap (UNI), and the stablecoin USD Coin (USDC). Users can use the app to send, receive and store their crypto assets.

Initially, the Robinhood wallet supported the Polygon network, but the company added support for the Ethereum network after the beta was announced, and has plans to add support for additional networks in the future.

The company specifically indicated that they were "hard at work" on adding support for the Dogecoin (DOGE) network in response to a new Robinhood Wallet user who noticed that the popular meme coin was not yet supported.

The Web3 wallet primarily operates using the Polygon network, a layer-2 scaling solution that offers a greater level of scalability, faster transaction times and lower fees than many of its competitors. The integration with Polygon means that users can conduct swaps without having to pay a network fee.

Robinhood plans to slowly work its way through the waitlist, emailing access codes to customers who are next in line so that they can download the Robinhood Wallet iOS app. As part of the rollout, Robinhood will deposit $5 worth of crypto in each user's wallet once they successfully download and access the app.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.