Robinhood Debuts Web3 Crypto Wallet to 10K Customers — Beta Version Supports Polygon

Robinhood Launches Web3 Crypto Wallet to 10,000 Clients – Beta Supports Polygon – Bitcoin Wallets News

Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. announced the launch of a new non-custodial Web3 crypto wallet on Tuesday and said the product supports the Polygon blockchain network. The app is currently only available for iOS users, and Robinhood is rolling out the beta version of its Web3 wallet to 10,000 customers in the company’s queue.

Robinhood launches Beta Web3 Crypto Wallet to 10,000 select customers

Over the past 12 months, Robinhood Markets has shown a strong interest in building cryptocurrency products and services. At the end of January 2022, Robinhood began rolling out the beta version of its bitcoin-powered crypto wallet (BTC), dogecoin (DOGE), and ethereum (ETH). In April, Robinhood expanded the number of crypto wallet participants to two million customers, and in mid-May, the financial services firm hinted at the launch of a non-custodial Web3 wallet.

Robinhood Debuts Web3 Crypto Wallet to 10,000 Customers - Beta Supports Polygon

The beta version of the Web3 wallet will initially support the Polygon Network (MATIC), an Ethereum-compatible Proof of Stake (PoS) blockchain. Anything connected to the Polygon network such as third-party decentralized finance protocols and dapps will support Robinhood’s Web3 wallet. Robinhood reported Tuesday that Polygon was selected due to its inexpensive network fees, as well as “scalability, [and] Speed.”

Moreover, Polygon will not be the exclusive blockchain for Web3 wallet as Robinhood said that eventually, Web3 wallet will be a “multi-chain wallet.” “A wallet worth the wait,” Robinhood He said Tuesday. “Beta testing is now available to 10,000 queued customers, with Polygon as the first supported blockchain.” Johan Kerberat, chief technology officer of Robinhood Crypto, explained that the Web3 wallet expands new opportunities and accessibility. Carberat said:

As we did with the stock market, Robinhood Wallet removes some of the complexities of Web3 and challenges making crypto more accessible to everyone.

While the wallet is a Web3 client, the product does not currently support non-fungible tokens (NFTs). However, the Web3 wallet can connect to challenge applications, access liquidity pools, and participate in yield farming schemes. While 10,000 Robinhood clients are able to take advantage of the new Web3 wallet, the financial services firm reports that one million clients have signed up for the waiting list.

“With this launch, Polygon [and] Robinhood brings millions of customers to the onchain challenge via Low Gas Infrastructure,” Polygon’s official Twitter account He said Tuesday.

Tags in this story

10K Clients, Apps, Beta, dApps, Decentralized Apps, Decentralized Finance, DeFi, Financial Services Company, iOS Wallet, Johann Kerbrat, NFTs, Non-custodial Wallet, Non-fungible Tokens, Polygon, Polygon (MATIC), Robinhood, Web3 Client , Web3 wallet, yield cultivation

What do you think about Robinhood Markets releasing the beta version of its unguarded crypto wallet Web3? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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