Robinhood Markets Inc., a popular stock trading app, has officially launched its upgraded mobile wallet app with support for both cryptocurrencies and non-fungible tokens (NFTs). The new wallet will allow users to own and control their decentralized assets, including the ability to swap cryptocurrencies without any network fees.
Dealing with legal procedures and confiscating the assets of the Ministry of Justice
Robinhood has officially launched its upgraded mobile wallet app despite the ongoing legal action. The US Department of Justice has notified the court handling BlockFi’s bankruptcy that it has seized assets as part of criminal cases against cryptocurrency exchange FTX and its executives.
In a court filing on Jan. 6, the Department of Justice disclosed the forfeiture of 55,273,469 shares of Robinhood worth more than 450 million dollarsto which former FTX CEO Sam Bankman-Fried and BlockFi and FTX creditor Jonathan Ben Shimon previously filed claims.
The Department of Justice also announced that it had seized more than $20 million in US currency from brokerage firm ED&F Man Capital Markets.
Go ahead though grab the stock
There is speculation that the company had already factored the stock acquisition into its business plan and decided that launching the upgraded portfolio would still be a viable move. Additionally, Robinhood’s existing user base could provide a boost to its efforts to get users into the new wallet.
With Robinhood already dealing with cryptocurrencies on its platform, the company is clearly eyeing the growing opportunities in the DeFi and web3 space. Robinhood believes that launching the upgraded portfolio will be a strategic move to continue expanding its ecosystem beyond stock brokerages and to remain competitive in the market.
In the initial announcement of the upgraded wallet in May 2022, the company mentioned that users will also be able to connect the wallet to NFT markets and decentralized exchange platforms. At the time of writing, the wallet supports tokens and NFTs on the Ethereum and Polygon blockchains, with plans to add support for more blockchains in the future.
The latest version of the app, version 2023.3.1, includes some major improvements and bug fixes, and is compatible with iOS 14.0 or later. The app will compete with other popular cryptocurrency and NFT wallets such as Coinbase, which has become the most downloaded wallet in the US.
The launch of Robinhood’s upgraded mobile wallet app with support for both cryptocurrencies and NFTs is significant because it demonstrates the company’s efforts to expand its ecosystem beyond stock brokerages and take advantage of the growing opportunities in the DeFi and Web3 space.
The move highlights the growing mainstream adoption of digital assets and the growing importance of decentralized finance.