American financial services firm Robinhood Markets, Inc., headquartered in Menlo Park, California, on Tuesday announced the launch of a new Web3 non-custodial crypto wallet, saying the product supports the Polygon blockchain network. The application is currently only for iOS users and Robinhood is rolling out the beta version of the Web3 wallet to 10,000 customers on the company’s waitlist.
Robinhood launches Beta Web3 Crypto Wallet for 10,000 select customers
Over the past 12 months, Robinhood Markets has shown a strong interest in building cryptocurrency products and services. In late January 2022, Robinhood began rolling out the beta version of its crypto wallet supporting Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH). In April, Robinhood expanded the number of crypto wallet participants to 2 million customers, and in mid-May the financial services company hinted at the release of the non-custodial Web3 wallet.
The Web3 wallet beta will initially support the Polygon (MATIC) network, a Proof-of-Stake (PoS) blockchain compatible with Ethereum. Anything connected to the Polygon network, such as third-party decentralized finance protocols (defi) and decentralized applications (dapps), will support Robinhood’s Web3 wallet. Robinhood said Tuesday that Polygon’s cheap network fees and “scalability, [and] Speed.”
Additionally, Polygon will not be the exclusive blockchain of the Web3 wallet as Robinhood said the Web3 wallet will eventually be a “multichain wallet”. “A wallet worth the wait,” Robinhood said Tuesday. “Beta testing is now live for 10,000 waitlisted customers, with Polygon being the first blockchain to be supported.” Robinhood Crypto Chief Technology Officer Johann Kerbrat explained that the Web3 wallet expands new possibilities and accessibility. Kerbrat says:
As we did with the exchange, Robinhood Wallet removes some of the complexities of Web3 and defi to make crypto more accessible to all.
While the wallet is a Web3 client, the product currently does not support non-fungible tokens (NFTs). However, the Web3 wallet can connect to defi applications, access liquidity pools and participate in yield farming programs. While 10,000 Robinhood customers can use the new Web3 wallet, the financial services company said 1 million customers have signed up for the waitlist.
“With this launch, Polygon [and] Robinhood brings millions of customers to Onchain Defi via low-gas infrastructure,” Polygon’s official Twitter account said on Tuesday.
tags in this story
10,000 Customers, Apps, Beta, dApps, Decentralized Applications, 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 farming
What do you think of Robinhood Markets releasing the beta version of its Web3 non-custodial crypto wallet? Let us know what you think about this topic in the comment section below.
Jamie Redman
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