Is the Robinhood cryptocurrency market worth it in an already saturated market?

Robinhood Crypto CEO Johann Kerbrat indeed announced the launch of Robinhood Wallet in a thread on Twitter. Therefore, according to him, customers who had registered on the waiting list will receive codes that will allow them to access the application.

The director added that those who visit the app after downloading it will receive a promotion of $5 in cryptocurrencies.

An application based on user feedback

Robinhood first conducted a trial in September of last year, giving access to a beta version to 10,000 customers. Therefore, the improvements made to the official version of the Wallet app are based on customer feedback on this beta version.

While the beta version only supported cryptocurrencies and tokens from the Polygon network, Robinhood Wallet also supports Ethereum. The app therefore supports major cryptocurrencies, including Compound (COMP), Polygon (MATIC) and Solana (SOL), as well as more than 50 ERC tokens.

The Robinhood Wallet app will initially be available only for iOS mobile devices, with support for Android devices expected later this year.

Mr. Kerbrat said Robinhood would be opening access to waitlisted customers “as it goes, in the next few weeks.” In response to his invitation to join this list, some internet users have shared their wait time.

News that sows confusion rather than joy

Some Robinhood users were confused by this announcement, as the original trading app already featured a “Crypto Wallet” product. This feature, which launched in beta in January 2022, allowed Robinhood users to transfer cryptocurrency to and from the platform.

However, the new Robinhood Wallet is actually a completely self-contained application and one that allows its users to have full control over their own encryption. According to Kerbrat, the app also offers more advanced features, such as connection to decentralized apps and NFT marketplaces. “It’s more than just a wallet – think of Robinhood Wallet as a ‘browser’ for Web3,” she said.

Thereby, Robinhood Wallet joins an increasingly saturated market with strong competitors like MetaMask and Coinbase Wallet. In fact, as BeInCrypto previously reported, MetaMask is under increasing pressure from new browser extension software wallets.

With the growing importance of digital identity expected this year, we can expect this market not to diminish anytime soon.

Moral of the story: in the realm of the crypto wallet, Robin Hood is just one subject among many others.