Robinhood Markets has demonstrated a keen interest in developing cryptocurrency-related products and services during the past 12 months. Robinhood began releasing the beta version of its cryptocurrency wallet, which supports ethereum, bitcoin, and dogecoin, at the end of January 2022. (ETH). Robinhood added 2 million new members to its crypto wallet program in April, and in mid-May, the financial services provider made a hint about the launching of its non-custodial Web3 wallet.
Initial support for the Polygon (MATIC) network, an Ethereum-compatible proof-of-stake (PoS) blockchain, will be provided by the beta version of the Web3 wallet. The Web3 wallet from Robinhood will operate with everything linked to the Polygon network, including decentralized applications (dapps) and third-party decentralized finance (defi) protocols. On Tuesday, Robinhood explained that Polygon was selected because of its low network expenses as well as its “scalability” and “speed.”
Additionally, Robinhood noted that the Web3 wallet eventually will be a “multichain wallet,” making it a “wallet worth the wait.” Robinhood added that Polygon wouldn’t be the Web3 wallet’s only blockchain. Johann Kerbrat, the chief technical officer of Robinhood Crypto, stated that the Web3 wallet expands new potential and accessibility. “Beta testing is already live for 10K users from the waitlist, with Polygon as the first blockchain-enabled.”
Despite being a Web3 client, the wallet does not currently handle non-fungible tokens (NFTs). The Web3 wallet, on the other hand, may access liquidity pools, link to Defi applications, and take part in yield farming schemes. While 10,000 Robinhood members may use the new Web3 wallet, 1 million consumers have signed up for the queue, according to the financial services company.
