Robinhood is getting into Web3 with the launch of the beta version of its new wallet. The app is initially compatible with Polygon and opens up access to DeFi to new users.
In May 2022, Robinhood had launched a whitelist for anyone who wanted to participate in the project. As a result, the first 10,000 users can start testing the beta version of the Web3 wallet on iOS today. Using Polygon’s blockchain technology, the crypto wallet allows users to buy and trade virtual assets without any network fees.
In other words, through this self-custody wallet, Robinhood thus promises to give power back to its customers.
The standalone app will support Polygon as the first blockchain network. Unlike its existing crypto-wallet, the Web3 wallet is not just for storing cryptos that can be traded on the financial platform. It can also be used to “seamlessly access the decentralized web,”. The wallet will also allow people to trade cryptocurrencies without any fees.
Making Robinhood the most reliable and simple for customers
With this app, the American fintech, which plans to roll out in Europe, believes it is demonstrating its specific approach to crypto and claiming a differentiating factor, if not a competitive advantage. The stated ambition: “to make Robinhood the most reliable and simple cryptocurrency platform for customers.
Johann Kerbrat, CTO and head of crypto at Robinhood said:
Just as we did with the stock market, Robinhood Wallet takes some of the complexities out of web3 to make crypto more accessible to everyone.
Robinhood says it will add support for other blockchains “eventually. Currently, beta users will be able to fund their wallet with USDC stablecoin, trade crypto, “earn crypto rewards” and connect to decentralized apps, which will allow you to earn yield.
No NFT for now
During this beta, the firm also promises connection with DApps, especially to generate yield. However, NFTs are not supported for the moment. According to the release:
It is clearly still very early for the wallet… Even if you could connect the beta wallet to OpenSea, you’d be somewhat limited in what you could do with it.
Robinhood says that the functionality to view these tokens and connect to marketplaces will be integrated when the wallet is opened to all.
Robinhood is thus opening the way to self-custody. Eventually, new users (the application has more than 15 million users) will be able to access the world of decentralized finance and DApps.
