According to a statement posted on the Robinhood blog, the wallet app for the cryptocurrency exchange platform Robinhood went live on the iOS app store on Mar. 1.
The release notes that users who deposit $10 to the wallet app using their Robinhood Crypto wallets will receive a one-time incentive of up to 5 USD Coin (USDC). Users can receive a 1 USDC reward for starting the transfer from another wallet or exchange.
The wallet application for Robinhood now supports the Polygon (MATIC) and Ethereum (ETH) networks, with plans to add other chains in the future. NFTs on the MATIC and ETH chains are also supported.
On January 19, the app was first made available to a small group of users. General Manager of Robinhood Crypto Johann Kerbrat spoke about the global launch.
“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.”
Except for the Cayman Islands, the application is now accessible everywhere. Around 130 nations have downloaded the app, in addition to the million users who have signed up for the waitlist.
The wallet’s release follows recent reports that Robinhood had been served with an investigative subpoena by the U.S. Securities and Exchange Commission (SEC) regarding several issues, including cryptocurrency listings, crypto custody procedures, and platform operations.
If the SEC or any court finds that Robinhood has not complied with securities regulations, Robinhood warned that it may be subject to penalties. The firm also warned that it could not be allowed to assist in the trading of the cryptocurrencies it has listed if such assets are found to be securities. Robinhood also stated that it might have to make payments to its users in the form of compensation and regulatory fines.
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