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

Jordan Finneseth

Kitco News

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(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.

By Jordan Finneseth

For Kitco News

Contact jfinneseth@kitco.com
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