DailyCoin
Published Jan 20, 2023 01:00PM ET
Updated Jan 20, 2023 02:30PM ET
Robinhood Launches Upgraded Wallet Amid Shares Controversy
Robinhood Markets Inc (NASDAQ:HOOD)., 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.
h2 Handling the Legal Proceedings and DOJ Asset Seizures/h2Robinhood has officially launched its upgraded mobile wallet app despite ongoing legal proceedings. The United States Department of Justice has notified the court handling the bankruptcy of BlockFi that it had seized assets as part of the criminal cases against crypto exchange FTX and its executives.
In a January 6th court filing, the Justice Department disclosed the seizure of 55,273,469 Robinhood shares worth more 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 announced that it had taken control of more than $20 million in U.S. currency from the brokerage firm ED&F Man Capital Markets.
h2 Moving Forward Despite Seized Shares/h2There is speculation that the company has already factored in the seizure of shares into its business plan and determined that the launch of the upgraded wallet would still be a viable move. Additionally, Robinhood’s current user base could provide a boost to its efforts to onboard users to the new wallet.
With Robinhood already dealing with cryptocurrencies on their platform, it is evident that the company sees the growing opportunities in the DeFi and web3 space. Robinhood believes that the launch of the upgraded wallet will be a strategic move to continue to expand its ecosystem beyond stock brokerage and remain competitive in the market.
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GM! We’ve started to roll out #RobinhoodWallet to our 1M+ waitlist. We’ve made some awesome changes since the beta program based on customer feedback and are excited to get them into your hands. (1/6) pic.twitter.com/EMKSjQqYNXIn the initial announcement of the upgraded wallet in May 2022, the company stated that users would also be able to connect the wallet to NFT marketplaces 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.Get The News You WantRead market moving news with a personalized feed of stocks you care about.Get The App— Johann Kerbrat (@JohannKerbrat) January 19, 2023
The latest version of the app, Version 2023.3.1, includes some key improvements and bug fixes, and is compatible with iOS 14.0 or later. The app will be competing with other popular crypto and NFT wallets such as Coinbase (NASDAQ:COIN), which has seen its crypto custody wallet become the most downloaded wallet in the US.
h2 On the Flipside/h2The launch of Robinhood’s upgraded mobile wallet app with support for both cryptocurrencies and NFTs is significant as it shows the company’s efforts to expand its ecosystem beyond stock brokerage and tap into the growing opportunities in the DeFi and Web3 space.
The move further highlights the increasing mainstream adoption of digital assets and the growing 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 more information about FTX:
FTX Loses $415 Million Since Filing for Bankruptcy, Bankman-Fried Argues FTX.US is Solvent
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Written By: DailyCoin
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