Robinhood announced the launch of its beta Web3 wallet, allowing 10,000 customers from the waitlist to participate in the wallet’s testing. The trading app said it tapped Polygon blockchain for its “scalability, speed, low network fees, and robust developer ecosystem.”
Trading app Robinhood, which is solely available on iOS devices, will reportedly let users trade crypto with “no network fees,” as well as earn yield by connecting with other decentralized applications (dApps).
CTO and general manager of Robinhood Crypto, Johann Kerbrat, said that the “Robinhood Wallet strips away some of the complexities of Web3 to make crypto more accessible to everyone.”
The beta version will not support NFT trading or marketplace activities, however, this feature will be rolled out in the final wallet version.
According to Robinhood, the decision to select Polygon as their exclusive blockchain partner is based on the network’s “scalability, speed, low network fees, and robust developer ecosystem.” The firm noted that they “will eventually become a multichain wallet that supports a wide number of blockchains.”
In a June report, Bloomberg suggested that cryptocurrency derivatives exchange FTX is eyeing the acquisition of Robinhood.
“We are excited about Robinhood’s business prospects and potential ways we could partner with them. That being said, there are no active M&A conversations with Robinhood,” FTX CEO Sam Bankman-Fried added.
On May 17, Vlad Tenev, Robinhood CEO, announced the “Web3 crypto wallet” at the Permissionless conference in Palm Beach, Florida. Robinhood’s upcoming wallet is slated for direct competition with Coinbase’s offering with expanded features.
Robinhood first launched the beta version of its crypto wallet this January amid the crypto bull market hype. This inaugural version allows 1,000 users to trade popular assets Bitcoin, Ethereum, and Dogecoin, with a withdrawal limit of just $2,999.