Robinhood Markets, an American financial services company based in Menlo Park, California, announced Tuesday the launch of its new unsecured Web3 crypto wallet, which said it supports the Polygon blockchain network. The application is currently only for iOS users, and Robinhood has rolled out a beta version of the Web3 wallet to 10,000 customers on its waiting list.
Robinhood launches beta Web3 Crypto Wallet to 10,000 selected customers
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 will launch the Bitcoin (BTC), Doji Coin (DOGE), and Ethereum (ETH) In April, Robinhood expanded its crypto wallet participants to 2 million customers, and in mid-May, the financial services firm hinted at the release of an unsecured Web3 wallet.
The beta version of the Web3 wallet will initially support the Polygon (MATIC) network, a proof-of-stake (PoS) blockchain compatible with Ethereum. Third-party decentralized financial (defi) protocols and decentralized applications (dapps) that are connected to the Polygon network will support Robinhood’s Web3 wallet.Robinhood announced Tuesday that Polygon is inexpensive network fees, as well as detailing that it was chosen for its “scalability, (and) speed.”
Additionally, Polygon will not be the exclusive blockchain for Web3 Wallet, as Robinhood said that eventually Web3 Wallet will become a “multi-chain wallet.” A wallet worth waiting for,” Robinhoodsaid Tuesday.” Beta testing will be live for 10K customers from the waiting list and Polygon is as the first blockchain supported.” Johann Kerbrat, Chief Technology Officer of Robinhood Crypto, explained that the Web3 wallet will open up new opportunities and accessibility, Kerbrat said, “The Web3 wallet will be the first of its kind in the world, and we are very excited about it.
As we have done in the stock market, the Robinhood Wallet removes some of the complexity of Web3 and defi, making crypto more accessible for everyone.
The wallet is a Web3 client, but this product does not currently support non-fossil tokens (NFT). However, the Web3 wallet can connect to the defi application, access liquidity pools, and participate in yield farming schemes. 10,000 Robinhood customers can take advantage of the new Web3 wallet, while financial services firms have 1 million customers detailed that they are on a waiting list.
“With this launch, Polygon (and) Robinhood are bringing millions of customers on-chain defi through low gas infrastructure,” Polygon’s official Twitter accountsaid Tuesday
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