Robinhood’s self-custody wallet launches on iOS

Crypto exchange platform Robinhood‘s wallet application launched on the iOS application store on Mar. 1, according to the announcement published on the Robinhood blog.

The announcement states that the users can earn a one-time reward of up to 5 USD Coin (USDC) if they transfer $10 to the wallet app using their Robinhood Crypto wallets. If users initiate the transfer from another wallet or exchange, they can claim a 1 USDC reward for doing so.

Robinhood’s wallet application currently supports Polygon (MATIC) and Ethereum (ETH) networks, with the expectation to increase the number of supported chains in the future. It also supports NFTs on MATIC and ETH chains.

The app was first launched to a limited number of users on Jan. 19. Commenting on the global launch, Robinhood Crypto’s General Manager Johann Kerbrat said:

“The feedback we’ve received for Robinhood Wallet since first launching in beta 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 on Polygon.”

The application is now available globally, except in the Cayman Islands. In addition to the one million users registered on the waitlist, the app has been downloaded by over 130 countries.

The launch of the wallet comes after the recent news that Robinhood received an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) concerning various matters such as cryptocurrency listings, crypto custody practices, and platform operations.

Robinhood said it could face sanctions if the SEC or any court determines it has not complied with securities regulations. The company also said that if its listed cryptocurrencies are determined to be securities, it could be prevented from supporting the trading of those assets. Furthermore, Robinhood said it could be forced to pay regulatory penalties and compensation to its users.

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