Robinhood Web3 wallet enters beta, taps Polygon as first blockchain

Robinhood Web3 pockets enters beta, faucets Polygon as first blockchain

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Crypto and inventory buying and selling platform Robinhood introduced the launch of Robinhood Wallet, a self-custody, Web3 pockets, with Polygon (MATIC) as its first supported blockchain.

Robinhood launched the beta model of its Web3 pockets on iOS. It is being made obtainable to the primary 10,000 customers who joined the waitlist in May 2022. Hosted first over the Polygon blockchain, Robinhood Wallet permits customers to commerce and swap cryptocurrencies with no community charges.

Sharing his ideas on the crypto pockets’s launch, Johann Kerbrat, chief expertise officer of Robinhood Crypto, Robinhood’s crypto buying and selling platform stated:

“Like we did with the inventory market, Robinhood Wallet strips away among the complexities of web3 and DeFi to make crypto extra accessible to everybody.”

For Robinhood, Polygon, as a blockchain community of alternative, moreover gives scalability, pace, low community charges and a sturdy developer ecosystem. Robinhood’s symbiotic relationship with Polygon dates again to August 2022, when the platform added assist for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain.

However, Robinhood Wallet’s roadmap contains extending compatibility with different blockchains as properly. The beta launch will enable customers to carry out widespread duties resembling buying and selling, rewards, storage and DApp-based yield farming of cryptocurrencies.

Future iterations of the pockets will embody assist for the nonfungible token (NFT) market. Robinhood revealed that over 1 million customers have signed up for the waitlist.

Related: Polygon CSO blames Web2 safety gaps for current spate of hacks

A report from June 2022 steered that cryptocurrency derivatives change FTX is eyeing the acquisition of Robinhood.

Although the choice about an official takeover shouldn’t be finalized, Bloomberg’s contact clarified that the dialogue was purely inside and that the change has not but approached Robinhood with a buyout proposal.

“We are enthusiastic about Robinhood’s enterprise prospects and potential methods we may accomplice with them. […] That being stated, there are not any energetic M&A conversations with Robinhood,” confirmed FTX CEO Sam Bankman-Fried.



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() Crypto and inventory buying and selling platform Robinhood introduced the launch of Robinhood Wallet, a self-custody, Web3 pockets, with Polygon (MATIC) as its first supported blockchain. Robinhood launched the beta model of its Web3 pockets on iOS. It is being made obtainable to the primary 10,000 customers who joined the waitlist in May 2022.…