- Robinhood aims to expand its ecosystem beyond stock brokerages and take advantage of the growing opportunities in the DeFi and web3 space.
- The wallet supports tokens and NFTs on the Polygon and Blockchain, with plans to add support for more blockchains in the future.
- The launch of the upgraded wallet comes amid ongoing legal proceedings as the Justice Department has seized Robinhood’s assets and shares.
Robinhood Markets Inc (NASDAQ:). , the popular stock trading app, is officially the 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 DOJ revealed the forfeiture of 55,273,469 Robinhood shares worth more than $450 million, which former FTX CEO Sam Bankman-Fried, BlockFi, and FTX creditor Yonathan Ben Shimon had previously filed claims for.
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 clearly sees 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.
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GM! We’ve started putting #RobinhoodWallet on our 1M+ queue. We’ve made some great changes since the beta program based on customer feedback and we’re excited to bring them to you. (1/6) pic.twitter.com/EMKSjQqYNX
— Johan Kerbrat (@JohannKerbrat) January 19, 2023
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 (NASDAQ :), which has seen its crypto custody wallet become the most downloaded wallet in the US.
on the flip side
- The no-fee cryptocurrency swap service offered by the new wallet is a bold move by Robinhood that goes against its traditional business model.
- Support for the new wallet is currently only available for tokens and NFTs on the Ethereum and Polygon blockchains.
- Legal actions may hinder the further development of the wallet.
Why should you bother
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
For more information about reserved shares:
BlockFi and FTX are requesting a takeover of Robinhood shares by the US Department of Justice
For more information about FTX:
FTX Loses $415 Million Since Filing For Bankruptcy, Bankman-Fried Argues FTX.US Is The Solvent