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.
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.
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