On January 19th, Robinhood, the popular online investment platform, announced the launch of its newest product – the self-custody Wallet.
This innovative new iOS app is designed to provide users with a secure and convenient way to manage their cryptocurrency and non-fungible token (NFT) investments.
The Wallet app allows users to easily transfer and view their owned crypto and NFTs in one central location. The app is designed with a user-friendly interface, making it easy for anyone to navigate, regardless of their level of technical expertise.
The launch of the Wallet app has been highly anticipated, with over one million people already on the waiting list. To ensure a smooth rollout, Robinhood is slowly releasing the app to users, starting with a select group before expanding to the entire waiting list.
According to the CEO, at the moment of launch, the wallet app will only support Ethereum (ETH) and Polygon (MATIC) networks, which is a limitation, and the company has assured that they are actively working on expanding the Wallet’s compatibility to other blockchains networks soon.
The CEO further stated that the company’s new product, Robinhood Wallet, is designed to rival other popular digital wallet options such as MetaMask and Phantom. Kerbrat stated in an interview with Decrypt that Robinhood Wallet aims to provide a comprehensive and user-friendly platform for individuals to store, manage and transact their digital assets securely.
The product is expected to have features such as easy integration with other decentralized applications and the ability to quickly and easily exchange various digital assets.
However, throughout 2022, there has been a significant surge in the utilization of self-custody wallets. These wallets allow individuals complete control over their digital assets and have become increasingly popular among cryptocurrency holders.
Data collected in December 2022 showed that 15 million Bitcoin (BTC) were transferred into self-custody wallets throughout the year.
This significant influx of BTC into these types of wallets has also impacted the overall supply of Bitcoin, increasing the illiquid BTC supply to a staggering 78%.
The trend of individuals opting for self-custody solutions to store their digital assets is expected to continue to gain momentum in the coming years.
Also, it is worthy of note that even as the effect of the FTX explosion keeps dragging a lot of crypto-based companies to bankruptcy, other innovative companies and products are being birthed.
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