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(Kitco News) – American financial services company Robinhood announced the beta launch of Robinhood Wallet, a standalone app on the Apple Store that allows users to trade and exchange cryptos without network fees.
According to Robinhood, its wallet is a self-custodial Web3 wallet that will initially support the Polygon network as the first blockchain, with plans to add support for more networks in the future.
During the beta launch, the new iOS wallet will be made available to the first 10,000 users who queued in May 2022.
Johann Kerbrat, Chief Technology Officer of Robinhood Crypto, called the launch of the Robinhood Wallet Beta “a significant step forward in our journey to make Robinhood the most trusted and easiest crypto platform for customers.”
“As we did with the exchange, Robinhood Wallet removes some of the complexities of Web3 and DeFi to make crypto more accessible to all,” said Kerbrat.
The brokerage firm’s choice of Polygon as its preferred network comes as no surprise, given that the platform added support for on-chain deposits and withdrawals for Polygon’s MATIC token back in August.
The Polygon network also offers a higher level of scalability, faster transaction times and lower fees than many competing networks, as well as a strong developer ecosystem.
The beta version will allow users to perform common tasks like cryptocurrency trading, rewards, storage and DApp-based yield farming. Future versions of the wallet will include support for a non-fungible token (NFT) marketplace, which is currently under development.
With the launch of the new app, Robinhood aims to repeat with crypto what it has done with stock trading.
During the beta testing period, Circle’s USDC stablecoin will be the primary fiat representative token in the app, and there will also be a rewards center where users can collect rewards, including some initial MATIC tokens for creating the wallet.
The Robinhood wallet also offers access to a wider range of cryptos than are currently available on Robinhood’s main platform, with 25 to 30 tokens available during beta, according to Kerbrat. Once the testing phase is complete, the company will also add support for NFTs.
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