Robinhood is finally launching its own self-custody crypto wallet, with 10,000 participants for the beta and over 1,000,000 on the waiting list.
Robin Hood finally releases a self-custodial crypto wallet for its users and immediately boasts 10,000 beta testers and a 1,000,000 user waiting list. This move allows users to finally experience Web3 and use cryptocurrencies for their intended purposes instead of just speculating on price action. Robinhood has aggressively expanded into the cryptocurrency industry over the past year, even fining it $30 million for the regulatory corners it cut during the 2021 crypto bubble.
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Last week, Robinhood listed the USDC stablecoin on its exchange, giving users the ability to fund their Ethereum/Polygon wallets with dollars. However, users who do not own a crypto wallet or use Web3 apps were confused by this move as USDC is always worth $1.00 and for those who only speculate on price movements, buying a stablecoin is completely pointless.
However, the move to list USDC makes sense now that Robinhood’s self-custodial crypto wallet is compatible with USDC. Robinhood has released its self-custodial crypto wallet for beta testing to 10,000 users and has 1,000,000 interested users on the waiting list. Robinhood has chosen to host its wallet on Polygon, a “layer 2” scaling solution for Ethereum, and thanks to Polygon’s low blockchain gas fees, it will be easy and cheap for Robinhood customers to play around on Web3. To sweeten the deal even more, Robinhood wallet users will enjoy gas-free crypto trading right inside the app. Although NFTs are not yet supported, they will be implemented later.
Crypto is more than just a speculative asset class
As reported by Bitcoin.com back in May, Robinhood has been working on its self-custodial crypto wallet for some time. By making self-custodial crypto wallets easy to understand and use, Robinhood could help the next 1,000,000 users integrate Decentralized Finance (DeFi) applications and other Web3 apps, for which Polygon has a sizable ecosystem.
With easy access to Polygon, Robinhood users can use lending and borrowing apps like Aave, on-chain decentralized exchange (DEX) apps like Quickswap, participate in liquidity pools and yield farming programs, and Polygon’s Play-To-Earn explore game industry. DefiPrime provides a list of DeFi apps on the Polygon blockchain that Robinhood’s self-custodial crypto wallet should be able to access.
Robinhood’s new crypto wallet has been a long time coming, and now it’s finally rolling out. With 10,000 users testing the beta and over 1,000,000 users on the waiting list, Robinhood is quickly becoming a leading player in the Web3 ecosystem. By allowing users to use cryptocurrencies in their native environments, Robin Hood helps reduce speculation and increase participation in the Web3 economy.
Source: Robinhood, RobinhoodApp/Twitter, Bitcoin.com, DefiPrime
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