BlocksInform
Online Brokerage Firm Robinhood has deployed its global crypto portfolio application to IOS users on Wednesday.
The application will support both the ethereum network and its layer 2, polygon-based scaling solution—but not bitcoin.
Robinhood’s Web3 Wallet
Per a blog post from Robinhood, the firm’s wallet app has now rolled out to a waitlist of over 1 million users, and has been downloaded in over 130 countries.
Time-bound, Application users can be rewarded with 1 usdc if they deposit $10 crypto value from an external portfolio or swap, or gain 5 usdc if they remove an equal quantity of robinhood own swap.
The portfolio allows users to retain and trade cryptocurrencies at no network cost, which reached exorbitant levels during peak demand. It can also connect to a “wide range of decentralised applications,” and interact with NFTs.
"The comments we have received for robinhood portfolio since the first beta launch has been extremely positive," said johann kerbrat, gm de robinhood crypto. “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.”
Kerbat said that high demand for interacting with other chains and assets motivated the team to quickly implement Ethereum into their wallet. Ethereum is the long-standing king of the DeFi and NFT economies, hosting over 50% of DeFi TVL, according to DefiLlama.
The portfolio is self-protected, which means that users keep control of their private keys and thus own their own cryptography. These cryptos include eth, matic, and ground, and more than 50 erc chips such as shib and usdc.
Demand for self-custodial wallets and Defi surged after the collapse of FTX, in which its founders are widely suspected to have misappropriated customer funds for personal gain.
Robinhood plans to introduce more coins and expand their in-app rewards program in the coming months, and bring their portfolio to Android users later this year.
Robinhood against the controllers.
Robinhood is now being investigated by the Securities and Exchange Commission (SEC) over some of the tokens listed on its crypto exchange. Since FTX’s fallout, the agency has been cracking down on a slew of crypto firms – including Kraken and Paxos – alleging that some of their products are unregistered securities.
Robinhood was linked to the former head of ftx, Sam Bankman-fried (sbf), who held more than $450 million in shares in the brokerage company. Authorities have now gained permission to seize those holdings from SBF, as the funds are suspected to be linked to wire fraud and money laundering.
