Headquartered in Menlo Park, Calif., Robinhood Markets Inc., a US financial services firm, announced Tuesday the launch of a new non-custodial Web3 crypto wallet, which it says supports the Polygon blockchain network. While the app is currently only available for iOS users, Robinhood is rolling out a beta version of its Web3 wallet to 10,000 customers on the company’s servers.
Select Robinhood Beta Web3 Crypto Wallet for 10,000 Customers
Over the past 12 months, Robinhood Markets has shown strong interest in building crypto products and services. In late January 2022, Robinhood began releasing a beta version of its crypto wallet that supports bitcoin (BTC), dogecoin (DOGE), and ethereum (ETH). In April, Robinhood grew its crypto wallet participants to 2 million customers, and in mid-May, the financial services company hinted at the release of its non-custodial Web3 wallet.
The beta version of the Web3 wallet initially supports the Polygon (MATIC) network, a proof-of-concept (PoS) blockchain compatible with Ethereum. Anything connected to the Polygon network supports the Robinhood Web3 wallet, such as third-party decentralized finance (defi) protocols and decentralized applications (dapps). Robinhood detailed on Tuesday that Polygon was chosen because of its inexpensive network fees, as well as its “scalability, [and] speed”
In addition, Polygon will not be the only blockchain of the Web3 wallet, Robinhood will eventually become the “multichain wallet” of the Web3 wallet. “The Wallet That Waits,” Robinhood he said. on Tuesday. “Beta testing is now live for 10K customers from the waiting list, with Polygon as the first blockchain supported.” Johan Kerbrat, chief technology officer of Robin Hood Crypto, explained that the Web3 wallet opens new opportunities and expands reach. Kerbrat said:
As we did with the stock market, Robinhood Wallet removes some of the complexity of Web3 and demystifies crypto to make it accessible to everyone.
Although the wallet is a Web3 client, the product does not currently support non-perishable tokens (NFTs). But the Web3 wallet can connect to Diffi applications, access liquidity pools and participate in productive farming schemes. While 10,000 Robinhood customers can use the new Web3 wallet, the financial services company said 1 million customers have signed up for the standby.
“In this launch, Polygon. [and] Robinhood is bringing millions of customers to onchain defi with low gas infrastructure,” said Polygon’s official Twitter account. he said. on Tuesday.
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