Crypto investing platform Robinhood announced the launch of its self-custody Wallet on Jan. 19.
Robinhood released Wallet, an İOS app that allows users to transfer and view owned crypto and NFTs. With a waiting list of over one million people, Wallet is slowly being rolled out.
Set to expand
Robinhood Wallet only supports Ethereum (ETH) and Polygon (MATIC) networks at launch, but it will expand to include other blockchains in the future. Android support is also expected to launch later this year.
Based on Robinhood CEO Johann Kerbrat’s description of the product, Robinhood Wallet is set to compete with the likes of MetaMask and Phantom. Kerbrat told Decrypt:
“This is much more than just a wallet—think of the Robinhood Wallet as a ‘browser’ for Web3.”
Kerbrat also added that the Wallet is a separate standalone app and offers more advanced features like connecting to dApps and NFT marketplaces — in addition to providing full self-custody of assets.
The popularity of self-custody wallets has increased throughout the year 2022. CryptoSlate data from December 2022 revealed that 15 million Bitcoin (BTC) went into self-custody wallets throughout 2022 and increased illiquid BTC supply to 78%.
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