purse.
It is that part of crypto that is in almost everything.
Everyone. thing.
Think about it, all of it:
Connecting to decentralized applications to send crypto from CeFi platforms to use financial products, buy digital art, enter virtual worlds, or enter 💩-coins, earning rewards through participation, contribution, or voting
…is done through the wallet.
And bigger companies want to get in on the wallet game.
This week – 2 big companies – launched crypto wallets.
👉 One of them is BIG web2 company.
👉 Second one is BIG web3 company.
And they have one big thing in common (besides their desire to make wallets of 🤣) – they’re huge at exchanging assets. Like huge!
🦄 Largest decentralized exchange Uniswap
Uniswap revealed its plans to launch a crypto wallet for ETH Denver this week.
We can’t wait to test Uniswap’s wallet.
But it is yet to go live. for now, we have this video, but no wallet to test.
🥬 Robinhood’s Largest 0-Commission Stock Brokerage ****
Robinhood’s crypto wallet is called → Wallet. Just wallet.
That’s right, no fancy-schmancy names:
🔒 Security
🔒 Rob-You-Not
🔒 Hood-n-Seek
Robinhood’s Wallet is LIVE [some] iOS users.
Lucky for you, we’re one of them.
So, we tested it!
Here’s our 3-part 🔥 take:
1️⃣ Onboarding
Onboarding was smooth.
Honestly, we had our private keys in about <2 minutes and were ready to enjoy some shitcoins and lose a lot of money (the return on every trade in the last 12 months 😭)
But this is the problem.
Onboarding was smooth as we were users of other crypto wallets.
New users of Robinhood will be novices.
And they need a more step-by-step approach to onboarding.
Something like this:
A tutorial video on using the wallet An explainer of the importance of private key storage An analysis of how the wallet can be used to interact with dApps
2️⃣ join
Currently, the app supports only – 50 ERC tokens on Ethereum + Polygon.
It also displays NFTs on these blockchains.
That’s it.
Rn, the wallet is TOO BIG for some crypto (either due to US regulations on Robinhood as a 🇺🇸 company or they are just testing things out).
3️⃣ Customer base
It looks like Robinhood wants its customers to know:
⬅️ FAST in meme-stocks➡️ FAST in meme-coins
In order words they want to upsell their existing clients from equity trading to crypto trading. But crypto trading using your own self-custodial wallet.
And since Robinhood already has fiat on-ramp, it will be useful to on-ramp into the degenerate world of DeFi and NFTs with the wallet.
Overall Robinhood’s Wallet Wallet is good for new customers.
But Robinhood is kinda shady.
After all – they have closed accounts, misled clients, and still have SBF and some FTX executions on their cap table.
Should they really be the medium through which newcomers enter Web3?
And if you’re building a Web3 wallet, register on InnMind and present your startup 👀 to thousands of Web3 and crypto entrepreneurs and investors!
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