Yes! There is a 64 Color palette within the Animation, Character, and Boards editors!
Tap the Slide out menu, and the color palette will appear.
A new menu will appear. Scroll down to find the color you want, tap it, and you can begin using that color
NOTE: You can only have up to 8 colors per board! You must replace a color on your Active Palette to use a new color. Replacing a color being used in the editor will replace all the blocks of that color to the new color.