Robin Hood Announces the imminent release of it’s multi-token, multi-blockchain, self-custody wallet!
This Big New has cryptocurrency veterans excited as Robin Hood’s Announcement represents a huge win for cryptocurrency mass adoption! I will break it down and explain why I think it’s a historic move.
The big points:
- Who is Robin Hood?
- What is a Multi-token wallet?
- Why is multiple chain support important?
- What is a self-custodial wallet?
And I add these two points
- Why is thus a big turning point for mass adoption?
- Why is this a perfect time?
Who is RobinHood?
Robinhood Markets, Inc. is an American financial services company founded in 2013.
It’s famous for being the first to offer commission-free stock trades of stocks, and later in 2015 offered cryptocurrencies via a mobile app introduced in March 2015. Robinhood reported that it had 31 million users in 2021.
- So as you see Robin Hood has a customer base equal to 1 in 10 Americans, as America had a population of 300 Million plus in the 2010 Census.
- RobinHood has become the most popular Mobile Stock Trading Application for an increasingly exclusively Mobile world.
- RobinHood made history in 2018 by being the first major financial company to allow the purchase of the cryptocurrency Bitcoin, followed by other cryptocurrencies.
- Initially you could only buy Bitcoin, but now you can buy, trade, sell and transfer off RobinHood.
What is a Multi-token wallet?
- A cryptocurrency token exists on a blockchain, and the place where a cryptocurrency owner holds their tokens is called a wallet, which normally holds only own token.
- A multi token wallet holds several different cryptocurrency tokens.
- This feature is important because it adds Utility to the wallet.
- It’s a feature which made MetaMask wallet both famous and popular.
What is multiple chain support and why is it important?
- Cryptocurrency wallets typically hold only one token and interact with only one blockchain.
- The ability to interact with multiple blockchains is very useful.
- This has also made MetaMask wallet very famous and very useful.
What is a self-custodial wallet?
- Most Large Financial Companies like RobinHood, Coinbase, Binance, Gemini and other very large finance companies have a company controlled wallet, where the cryptocurrency is under the locked protection of the companies password, which is also called the Private Key.
- This means when you have cryptocurrency in your account, on these company websites, your cryptocurrency is inside their cryptocurrency wallet.
- You don’t control it and can’t sell, trade or move it without the companies permission.
- This is a big issue in cryptocurrency because having hundreds, thousands or millions of other peoples cryptocurrency in your wallet, means you could run away with their money and never be found.
- Or someone could break into your wallet and steal your cryptocurrency.
- So being able to have a self-custody wallet means having your cryptocurrency in your own wallet, and controlling the password or private keys.
- This you complete control if you crypto.
Why is thus a big turning point for mass adoption?
- Size matters, community matters, Robin Hood is huge, and is a very busy fiat on-ramp to cryptocurrency, which is not restricted. 31.8 million people is a lot.
- ‘Robin Hood just announced, the wallet and already has a waiting list of 1.6 million people.
Why is this a perfect time?
I believe it is perfect because of all the fear, uncertainly,and doubt in the market, due a bear market and cryptocurrency prices are down by 30-40% on the year. It’s a great time for new money to come into the cryptocurrency market and buy low!
What do you think?
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