Robinhood launches wallet to compete with Metamask and Phantom

Robinhood is lastly stepping into the crypto wallet software program sport.

The firm launched this Friday (20) Robinhood Wallet, a smartphone app that enables customers to alternate and switch cryptocurrencies and view their digital belongings and NFTs. It’s at present nonetheless rolling out slowly to greater than 1 million waitlisted customers by way of an entry code, in accordance to Robinhood. It was beforehand launched in beta to simply 10,000 waitlisted clients in September.

The Robinhood wallet makes use of Polygon, an Ethereum sidechain, to provide swaps with out community charges. It additionally added help for Ethereum in the present day.

If you are confused about what is going on on with Robinhood’s “wallets,” we do not blame you. Robinhood initially referred to a brand new switch characteristic in its unique buying and selling app as a “crypto wallet” product. This characteristic was launched in beta in January 2022 and lastly allowed Robinhood customers to switch crypto belongings to and from the platform.

It wasn’t actually a “wallet” — it is no completely different than how customers can switch cryptocurrency to and from Coinbase, Kraken, Binance, or some other cryptocurrency buying and selling app. The Robinhood wallet rolling out in the present day, nevertheless, is extra like MetaMask, or Phantom, or the Coinbase wallet (not to be confused with Coinbase’s buying and selling app).

Rival of Metamask and Phatom

“Robinhood Wallet is a very completely different product housed in a separate and unbiased utility that enables customers to have full management over their cryptocurrencies and gives entry to extra superior options reminiscent of connection to decentralized purposes and NFT markets,” mentioned Robinhood General Manager Robinhood , Johann Kerbrat, to decipher.

“It’s rather more than only a wallet – consider Robinhood Wallet as a ‘browser’ to the Web3,” he mentioned. To be honest although, that is precisely how different wallets like MetaMask describe their merchandise as effectively.

And that is smart, because the Robinhood wallet is designed to compete with MetaMask, the favored Ethereum wallet.

“We created this product to handle the challenges that many customers have had utilizing competing merchandise that embrace unintuitive design and excessive charges,” Kerbrath instructed decipher. “We hear from our beta customers that different merchandise available on the market are too advanced and troublesome to use.”

The Robinhood Wallet app is at present solely accessible on iOS cell gadgets. When requested if a desktop browser extension could possibly be in improvement, a Robinhood consultant mentioned they could not “speculate on the longer term.”

“For now, we’re centered on rolling out to iOS customers solely,” the spokesperson mentioned. “Robinhood Wallet will likely be accessible to all iOS customers within the coming weeks and months. Android help will come later this yr.”

Editor’s be aware: This article has been up to date to make clear that though Robinhood is starting to present entry to its Wallet app to over 1 million customers, it’s not but accessible to everybody on this ready listing.

*Translated by Gustavo Martins with permission from decipher.

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