Breaking News: RobinHood Announces Mult-token Self-custody wallet in RobinHood 3 Mobile

1 mo (edited)
LeoFinance
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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?

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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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I just listened about it on the Bankless Podcast. I almost feel like buying the RobinHood stock now! WHat a 360! Beware Coinbase, become pro decentralization/crypto or you might be beaten by RobinHood to it.

I wonder how the US regulator is going to let them go through with self-custody though...

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I would not be surprised if their stock goes up on this news. They announced it at a crypto conference, so their maybe time to buy some call options to profit from a bump in price.

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What do think about the Bankless Podcast and their DAO?
Do you think they are ETH Maxis?

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:) Great news! just the thing to get crypto moving up now.. RH is a BIG name in financial world, so should make some waves..

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Yes, I agree. I think it may even bump their stock price and get some crypto people to open an account.

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https://twitter.com/noadvice3/status/1527490640312934403
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

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Thanks

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It's nice and there will be a lot of people getting the wallet but I wonder about how safe things are with Robinhood. If I remember correctly, I think I saw videos and articles talking about how some accounts funds were being removed from their accounts and Robinhood wouldn't help the users.

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Your concern about safety is understandable

It's nice and there will be a lot of people getting the wallet but I wonder about how safe things are with Robinhood. If I remember correctly, I think I saw videos and articles talking about how some accounts funds were being removed from their accounts and Robinhood wouldn't help the users.

  • People routinely compromise their own security when they are new, not understanding the importance of things like their secret phrase or private keys.
  • I hope education is a big part of their security plan.

:)

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Important News

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Another article on FTX by @saphirecrypto is linked in this post for SEO Backlink purposes. Link

Anyone interested in having me create a backlink for their post in my post about the same subject should contact me.

:)

We can move mountains working together

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Great idea for collaboration.

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Excellent points, this is a good post, and I enjoyed reading it.
Thanks

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