Robinhood Launches Upgraded Wallet Amid Shares Controversy
- Robinhood goals to broaden its ecosystem past stock brokerage and faucet into the rising opportunities in the DeFi and web3 house.
- The pockets helps tokens and NFTs on the and Polygon blockchains, with plans to add help for extra blockchains sooner or later.
- The launch of the upgraded wallet comes amid ongoing authorized proceedings as the DOJ seized property and shares of Robinhood.
Robinhood Markets Inc (NASDAQ:)., a preferred stock buying and selling app, has formally launched its upgraded cellular wallet app with assist for both cryptocurrencies and non-fungible tokens (NFTs). The new wallet will permit users to own and management their decentralized assets, including the ability to swap cryptocurrencies with none community fees.
Handling the Legal Proceedings and DOJ Asset Seizures
Robinhood has formally launched its upgraded mobile wallet app despite ongoing authorized proceedings. The United States Department of Justice has notified the court dealing with the bankruptcy of BlockFi that it had seized property as a part of the legal circumstances in opposition to crypto trade FTX and its executives.
In a January 6th courtroom submitting, the Justice Department disclosed the seizure of 55,273,469 Robinhood shares worth greater than $450 million, to which former FTX CEO Sam Bankman-Fried, BlockFi, and FTX creditor Yonathan Ben Shimon had previously made claims.
The DOJ further introduced that it had taken control of more than $20 million in U.S. currency from the brokerage firm ED&F Man Capital Markets.
Moving Forward Despite Seized Shares
There is theory that the corporate has already factored within the seizure of shares into its business plan and decided that the launch of the upgraded pockets would nonetheless be a viable move. Additionally, Robinhood’s current person base could provide a lift to its efforts to onboard customers to the new wallet.
With Robinhood already coping with cryptocurrencies on their platform, it is evident that the corporate sees the rising opportunities in the DeFi and web3 space. Robinhood believes that the launch of the upgraded wallet might be a strategic move to continue to broaden its ecosystem past inventory brokerage and remain aggressive available in the market.
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GM! We’ve started to roll out #RobinhoodWallet to our 1M+ waitlist. We’ve made some superior modifications for the rationale that beta program primarily based on buyer suggestions and are excited to get them into your palms. (1/6) pic.twitter.com/EMKSjQqYNX
— Johann Kerbrat (@JohannKerbrat) January 19, 2023
In the preliminary announcement of the upgraded wallet in May 2022, the company stated that users would additionally have the power to connect the wallet to NFT marketplaces and decentralized exchange platforms. At the time of writing, the pockets helps tokens and NFTs on the Ethereum and Polygon blockchains, with plans to add help for more blockchains in the future.
The newest version of the app, Version 2023.3.1, consists of some key improvements and bug fixes, and is suitable with iOS 14.zero or later. The app will be competing with other well-liked crypto and NFT wallets corresponding to Coinbase (NASDAQ:), which has seen its crypto custody wallet turn out to be the most downloaded pockets within the US.
On the Flipside
- The zero-fee crypto-swapping service offered by the new pockets is a bold move by Robinhood that goes towards the traditional enterprise mannequin.
- The new wallet’s help is currently only available for tokens and NFTs on the Ethereum and Polygon blockchains.
- Legal proceedings could potentially impede the additional growth of the wallet.
Why You Should Care
The launch of Robinhood’s upgraded mobile wallet app with support for both cryptocurrencies and NFTs is critical as it reveals the company’s efforts to expand its ecosystem past inventory brokerage and tap into the growing opportunities within the DeFi and Web3 space.
The move further highlights the rising mainstream adoption of digital belongings and the rising importance of decentralized finance
For more information about the seized shares:
BlockFi and FTX Lay Claim to Robinhood Stocks to be Seized by US DOJ
For extra information about FTX:
FTX Loses $415 Million Since Filing for Bankruptcy, Bankman-Fried Argues FTX.US is Solvent
See original on DailyCoin