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ROBINHOOD CRYPTO WALLET OVERVIEW
We have a variety of crypto wallets globally, and they all serve the purpose of managing cryptocurrency tokens. Each of them has its own perks, with some of them being able to swap and stake through their inbuilt DEX (decentralized exchange). Some well-known wallets are Trust Wallet, MetaMask, 1inch wallet, Coinbase Wallet, e.t.c. These wallets have already made their mark.
Today we will be focusing on a fast-rising wallet, “Robinhood.” What is this wallet? How does it work? How can it help you? Follow me as I take you through it!
WHAT IS ROBINHOOD CRYPTO WALLET?
For some people, RobinHood Is a familiar term, while others are just hearing about it for the first time or have heard about it but have very little or no knowledge about it.
Robinhood is a cryptocurrency trading platform created in 2018 by RobinHood crypto markets, an American financial service known for spearheading commission-free trading of the stock market and exchange-traded funds founded in April 2013.
Co-founded by Vladimir Tenev as CEO and Baiju Bhatt as CCO, their headquarters are in Menlo Parks, California, U.S.A.
On the Robinhood crypto trading platform, you can buy and sell cryptocurrency tokens (digital currencies) like Bitcoin Dogecoin, Ethereum, Bitcoin Cash e.t.c. But sadly, this is the only task you can perform, unlike other cryptocurrency trading platforms like Coinbase and Binance, where users can transfer their funds out of their Robinhood crypto account to wallets like MetaMaskand Trust Wallet without changing them to fiat currencies.
As a solution, the Robinhood trading platform announced the launch of the Robinhood crypto wallet. This wallet will be capable of transferring tokens from Robinhood crypto accounts to other exchange platforms without first converting to fiat currencies. The wallet will include in-built decentralized crypto exchanges used for swapping, staking, and checking actual live prices of coins on the stock market.
In terms of security, it uses two-factor authentication, an additional layer of protection during signup that will require users to verify at least 2 out of 3 factors. Some types of two-factor authentication include things you know, like your pin or password, things you own like your email address, smartphones, or software token. Then there is also the biometric aspect, including voice and face recognition fingerprints. All these factors combined will make it very hard for a hacker to rob users of their funds.
WHEN WILL IT BE LAUNCHED?
In September 2021, Robinhood announced the launch of a beta program that was to be released in mid-January 2022 for testing by 1000 users selected from their waitlist. These will test the wallet for safety and bugs. Then by March of the same year, it will extend to 10,000 customers and later expand to all other users of Robinhood.
However, there are no known plans to release an official version of the wallet yet.
WHAT COINS WILL ROBINHOOD WALLET SUPPORT?
Currently, there are seven coins supported on Robinhood crypto wallet for buying and selling, and they are Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ethereum, Ethereum Classic, and Bitcoin SV.
Transferring any unsupported coins to a Robin Hood wallet will be nulled, and the transaction is irreversible.
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