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Menlo Park, California-headquartered US financial firm Robinhood Markets, Inc. announced the launch of a new non-custodial Web3 crypto wallet on Tuesday, 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 waiting list.
Over the past 12 months, Robinhood Markets has shown a strong interest in building cryptocurrency products and services. At the end of January 2022, Robinhood started rolling out the beta version of the crypto wallet that supports bitcoin (BTC), dogecoin (DOGE) and ethereum (ETH). In April, Robinhood expanded its crypto wallet participants to 2 million customers, and in mid-May, the financial company hinted at the non-custodial Web3 wallet release.
The beta version of the Web3 wallet 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 (defi) protocols and decentralized applications (dapps) will support Robinhood’s Web3 wallet. Robinhood said Tuesday that Polygon was chosen because of its reasonable network fees, plus “scalability, [and] speed.”
Also, Polygon will not be the Web3 wallet’s exclusive blockchain, as Robinhood said the Web3 wallet will eventually become a “multichain wallet.” “A wallet worth the wait,” Robinhood so on Tuesday. “Beta testing is now live for 10,000 customers from the waiting list, with Polygon being the first blockchain to be supported.” Johann Kerbrat, the chief technology officer of Robinhood Crypto, explained that the Web3 wallet expands new capabilities and accessibility. Kerbrat said:
As we did with the stock market, Robinhood Wallet removes some of the complexity of Web3 and defi to make crypto more accessible to everyone.
While the wallet is a Web3 client, the product does not currently support non-fungible tokens (NFT). However, the Web3 wallet can connect to defi applications, access liquidity pools and participate in yield farming schemes. While 10,000 Robinhood customers are able to take advantage of the new Web3 wallet, the financial company states that 1 million customers have signed up for the waiting list.
“With this launch, Polygon [and] Robinhood brings millions of customers to onchain defi via low-gas infrastructure,” Polygon’s official Twitter account so on Tuesday.
What do you think about Robinhood Markets launching the beta version of its Web3 crypto wallet without custody? Let us know what you think about this topic in the comments section below.
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