Robinhood Markets, Inc., a financial company located in Menlo Park, California, launched a non-custodial Web3 cryptocurrency wallet Tuesday. The product also supports the Polygon network. The application is currently for iOS users only and Robinhood is rolling out the beta version of the Web3 wallet to 10,000 clients on the company’s waitlist.
Robinhood Offers Beta Web3 Crypto-Wallet to 10,000 Customers
Robinhood Markets showed a keen interest over the past 12 months in developing cryptocurrency products and services. Robinhood began rolling out its beta version of the crypto wallet at the beginning of January 2022. It supports bitcoin, dogecoin and ethereum. Robinhood grew the participants in its crypto wallet to 2 million clients by April. The financial services firm hinted at a release of the Web3 wallet that is non-custodial.
The beta version of the Web3 wallet initially will support the Polygon (MATIC) network, a proof-of-stake (PoS) blockchain that’s compatible with Ethereum. Anything connected to the Polygon network like third-party decentralized finance (defi) protocols and decentralized applications (dapps) will support Robinhood’s Web3 wallet. Robinhood detailed on Tuesday that Polygon was chosen due to its inexpensive network fees, plus “scalability, [and] speed.”
Moreover, Polygon won’t be the Web3 wallet’s exclusive blockchain as Robinhood said that eventually, the Web3 wallet will be a “multichain wallet.” “A wallet worth the wait,” Robinhood saidTuesday. “Beta testing is now live for 10K customers from the waitlist, with Polygon as the first blockchain supported.” Johann Kerbrat, the chief technology officer of Robinhood Crypto, explained that the Web3 wallet widens new opportunities and accessibility. Kerbrat said:
Robinhood Wallet, just like the stock market did, removes some of the complexities Web3 and Defi in order to make crypto easier to all.
While the wallet is a Web3 client, the product doesn’t support non-fungible tokens (NFTs) at the moment. Web3 wallets can be connected to Defi Applications, Access Liquidity Pools, and Participate in Yield Farming Schemes. Robinhood has 10,000 customers who can use the Web3 wallet. However, 1,000,000 customers registered to the waitlist for the Web3 wallet.
“With this launch, Polygon [and] Robinhood are bringing millions of customers to onchain defi via low gas infrastructure,” Polygon’s official Twitter account saidTomorrow is Tuesday.
Robinhood Markets has released the beta version its Web3 non custodial crypto wallet. What are your thoughts? Please comment below to let us know your thoughts on this topic.
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