Web3 Crypto Wallet Launched by Robinhood for 10,000 Users; Beta Supports Polygon

September 27, 2022


Web3 Crypto Wallet Launched by Robinhood for 10,000 Users; Beta Supports Polygon. Robinhood Markets, an American financial company headquartered in Menlo Park, California, announced on Tuesday the launch of a new crypto wallet, Web3, powered by the Polygon blockchain network. The app is now available for iOS users only, and Robinhood is offering a 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 lot of interest in creating cryptocurrency products and services. At the end of January 2022, Robinhood launched a beta version of its crypto wallet that supports Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH). In April, Robinhood increased its digital wallet to 2 million customers, and in mid-May, the financial services company announced the release of its Web3 wallet.

The beta version of the Web3 wallet initially supports the Polygon Network (MATIC), a proof-of-stake (PoS) blockchain compatible with Ethereum. Everything connected to the Polygon network supports Robinhood’s Web3 wallet, such as third-party decentralized financial protocols (defi) and decentralized applications (dapps). Robinhood explained Tuesday that Polygon was chosen because of its low network costs, plus “scalability, [and] speed.”

Furthermore, Polygon will not be the exclusive blockchain of the Web3 wallet, as Robinhood has said that the Web3 wallet will eventually be a “multi-chain wallet”. “The wallet is worth the wait,” Robinhood said Tuesday. “Beta testing is now underway for 10,000 waitlisted customers, and Polygon is the first blockchain to support it.” Johan Gerbrath, CTO of Robinhood Crypto, explained that the Web3 wallet opens up new opportunities and expands access. Herbert said: Just like we did with the stock market, Robinhood Wallet removes some of the problems of Web3 and defi and makes cryptocurrency accessible to everyone. Although 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 performance programs. While 10,000 Robinhood customers can take advantage of the new Web3 wallet, the financial services company has 1 million customers on its waiting list.

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