Crypto alternate platform Robinhood‘s pockets utility launched on the iOS utility retailer on Mar. 1, in keeping with the announcement printed on the Robinhood weblog.
The announcement states that the customers can earn a one-time reward of as much as 5 USD Coin (USDC) in the event that they switch $10 to the pockets app utilizing their Robinhood Crypto wallets. If customers provoke the switch from one other pockets or alternate, they’ll declare a 1 USDC reward for doing so.
Robinhood’s pockets utility at present helps Polygon (MATIC) and Ethereum (ETH) networks, with the expectation to extend the variety of supported chains sooner or later. It additionally helps NFTs on MATIC and ETH chains.
The app was first launched to a restricted variety of customers on Jan. 19. Commenting on the worldwide launch, Robinhood Crypto’s Basic Supervisor Johann Kerbrat stated:
“The suggestions we’ve obtained for Robinhood Pockets since first launching in beta has been extraordinarily constructive. Customers have instructed us they love how accessible and simple to make use of the app is, and that they actually benefit from the potential to self-custody their digital belongings and swap with no community charges on Polygon.”
The applying is now obtainable globally, besides within the Cayman Islands. Along with the a million customers registered on the waitlist, the app has been downloaded by over 130 nations.
The launch of the pockets comes after the current information that Robinhood obtained an investigative subpoena from the U.S. Securities and Alternate Fee (SEC) regarding varied issues reminiscent of cryptocurrency listings, crypto custody practices, and platform operations.
Robinhood stated it might face sanctions if the SEC or any court docket determines it has not complied with securities rules. The corporate additionally stated that if its listed cryptocurrencies are decided to be securities, it could possibly be prevented from supporting the buying and selling of these belongings. Moreover, Robinhood stated it could possibly be compelled to pay regulatory penalties and compensation to its customers.