Robin Hood is finally launching a self-service crypto wallet for its users, immediately boasting 10,000 beta testers and a waiting list of 1,000,000 users. This move allows users to finally experience Web3 and use cryptocurrencies for their intended purpose, rather than just speculating on price action. Robinhood has aggressively expanded into the cryptocurrency industry over the past year, even getting hit with a $30 million fine along the way due to the regulatory corners it cut during the 2021 crypto bubble.
Last week, Robinhood listed the USDC stablecoin on the exchange, which gives users a way to deposit dollars into their Ethereum/Polygon wallets. However, users who do not own a crypto wallet or use Web3 apps were confused by this move, since USDC is always worth $1.00, and for those who only speculate on price action, buying a stablecoin is completely pointless.
But the move to list USDC now makes sense, as Robinhood’s self-custody crypto wallet is compatible with USDC. Robin Hood released its self-sustaining crypto wallet is beta testing to 10,000 users, and its waiting list has 1,000,000 interested users. Robinhood has chosen to deploy 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 on Web3. To further sweeten the deal, users of the Robinhood wallet will enjoy gas-free crypto trading right inside the app. Although NFTs are not supported yet, 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-sustaining crypto wallet for some time. By making self-service crypto wallets easy to understand and use, Robinhood can help the next 1,000,000 users of Decentralized Finance (DeFi) applications and other Web3 apps, for which Polygon has a significant ecosystem.
With easy access to Polygon, Robinhood users will be able to use lending and borrowing apps like Aave, on-chain decentralized exchange (DEX) apps like Quickswap, participate in liquidity pools and yield farming schemes, and can explore Polygon’s Play-To-Earn gaming industry. DefiPrime provides a list of DeFi apps on the Polygon blockchain, which the Robinhood crypto wallet should have access to.
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 more than 1,000,000 users on the waiting list, Robinhood is quickly becoming a power player in the Web3 ecosystem. By giving users the ability to use cryptocurrencies in their native environments, Robin Hood assists in reducing speculation and increasing participation in the Web3 economy.
Source: Robinhood, RobinhoodApp/TwitterBitcoin.com, DefiPrime
