Rainbow
Rainbow Studio
Data verified on unchanged since the sources
Worth it if you want an open-source (GPL-3.0) self-custody wallet with polished UX for Ethereum and Layer 2s (Arbitrum, Optimism, Base, Polygon, Zora), with built-in swap and bridge.
Avoid it if you hold Bitcoin, Solana, or other non-EVM assets: it supports EVM networks only, and the seed phrase stays entirely on you.
Rainbow is a non-custodial self-custody wallet focused on Ethereum and its Layer 2 networks, built by Rainbow Studio (Brooklyn, founded 2019). It supports Ethereum mainnet, Polygon, Arbitrum, Optimism, Base, BNB Smart Chain and Zora, with built-in cross-chain swaps and bridging. Private keys stay on the device, protected by a seed phrase. It is available as a mobile app and a browser extension. The code is open-source under the GPL-3.0 license and publicly auditable on GitHub.
Data & conditions
| Fund custody | Self-custody (funds in your control) |
|---|---|
| Type | Software (hot wallet) |
| Source code | Open-source |
| Recovery | Seed phrase 12 parole (BIP-39) |
| Bitcoin-only | No |
| Supported chains | Ethereum, Polygon, Arbitrum, Optimism, Base, BNB Smart Chain, Zora |
| Built-in swap | Yes |
| Built-in staking | No |
| dApp browser | Yes |
| WalletConnect | Yes |
| Hardware wallet support | Yes |
| Segment | B2C |
| MiCA / License status | Nessuna (wallet self-custody non-custodial) |
Strengths
- Open-source (GPL-3.0); polished UX for Ethereum and Layer 2 (Arbitrum, Optimism, Base, Polygon, Zora); built-in cross-chain swaps and bridging.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
- No KYC: usable without identity verification.
- Open-source, verifiable code.
- Self-hostable: you can run your own instance or node.
Weaknesses
- EVM-only (no Bitcoin, Solana or other non-EVM chains); narrower ecosystem than general-purpose wallets; seed phrase is the user's responsibility.
- No notable sovereignty drawback documented.
Verdict
Score 4.2/5, very strong profile. In its favour: open-source (GPL-3.0); polished UX for Ethereum and Layer 2 (Arbitrum, Optimism, Base, Polygon, Zora); built-in cross-chain swaps and bridging. The trade-off to weigh: eVM-only (no Bitcoin, Solana or other non-EVM chains); narrower ecosystem than general-purpose wallets; seed phrase is the user's responsibility.
On the Sovereignty lens the score is 4.7/5 (outstanding): the strength is fund control (5.0/5), while privacy & anonymity (4.3/5) is the weak link.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
Reputation
What happened to people who used Rainbow, and what users say. External signals: they do not feed the promp.it rating.
Incidents & regulatory actions
No known incidentSearch across public sources: no known hack, withdrawal freeze or regulatory action as of the verification date.
verified on
Public reviews
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App Store ↗
4.6/5
4,197 reviews
Exact rating from itunes.apple.com/lookup?id=1457119021 (US storefront; bundle me.rainbow). Google Play omitted (JSON-LD not extractable), Trustpilot omitted (0 reviews).
Weighted average across 1 public review platform (4,197 reviews in total), weighted by volume. This is not our rating: it is those platforms’ average.
FAQ
Is Rainbow custodial?
No. Rainbow is a non-custodial self-custody wallet: your private keys and seed phrase stay on your device, Rainbow Studio has no access to your funds.
Which blockchains does Rainbow support?
Rainbow supports Ethereum and its Layer 2/sidechains: Polygon, Arbitrum, Optimism, Base, BNB Smart Chain and Zora. It does not support Bitcoin or Solana.
Is Rainbow open source?
Yes. Rainbow's code is open-source under the GPL-3.0 license and publicly auditable on the project's GitHub repository.
Sources
- Official service page Custodia · Blockchain · Funzioni Data verified on Jun 20, 2026
- alchemy.com Blockchain · Azienda Data verified on Jun 20, 2026
- github.com Sovranita.open source Data verified on Jun 20, 2026