Robinhood has rolled out its Web3 “Robinhood Wallet” to iOS users seeking to trade cryptocurrencies and interact with decentralized applications. Android support is set to come later in the year.
These tokens can be traded without paying transaction fees and users are able to use these cryptocurrencies to interact with a range of decentralized applications .Robinhood Crypto general manager Johann Kerbrat said the support for Ethereum and ERC-20 tokens came in response to customers wanting access to more coins and tokens on more chains.
Since the beta launch, Robinhood Wallet has also added a nonfungible token feature to enable users to collect and store their favorite collectibles on Ethereum and Polygon.Robinhood NFTs would not be subject to Apple’s 30% commissionWhile the Robinhood Wallet is self custodied there is a range of self-verification methods that can be implemented to provide security to its Web3 users:
“When users get started, they need to set up either Face/Touch ID or a custom PIN, which they’ll use to authenticate every time they open the app. They will also be asked to create a secret recovery phrase, also known as a seed phrase, that allows them access to their wallet and crypto.” Robinhood stated that users “can–and should–back up their wallet” by writing it down, storing it offline, or saving it in a secure manner.However, not everyone is on board with the security mechanisms set in place with the Robinhood Wallet.by the name of “StamInBlack” wasn’t happy with the option of having seed phrases stored on iCloud, while others in the same thread expressed unrelated reservations with the trading platform.
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