Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Robinhood also recently announced it has launched its beta Web3 wallet and allowed 10,000 waitlisted customers to participate in the testing phase.
Popular crypto trading app Robinhood has announced support for Tezos (XTZ) and Aave (AAVE), meaning users can buy and sell them on any of its platforms. The 18.7 million active monthly users would also have the option to trade Solana, Polygon, and Avalanche which were added this year. Today’s addition brings the total crypto offerings to 19 assets. Robinhood also listed its first stablecoin last month in the form of a USD Coin.
It is important to note that Aave is a decentralized lending protocol while Tezos is a proof-of-stake blockchain network and these both native tokens that are now supported by Robinhood have a market capitalization of more than $1 billion. As of the time of writing, Tezos was trading at $1.37 with a 1.31% surge in the last 24 hours. Aave is, however, down by 3.97% over the same period, trading at $83.
Robinhood Also Working on Web3 Wallet
Robinhood recently announced it has launched its beta Web3 wallet and allowed 10,000 waitlisted customers to participate in the testing phase. The project is only available on the Apple mobile devices and allows users to trade cryptos without paying any network fees. By connecting to other decentralized applications, users can also earn yield.
According to Robinhood’s CTO and general manager Johann Kerbrat, the wallet makes web3 more accessible to everyone by eliminating all the possible complexities. Polygon was selected as its exclusive blockchain partner due to its “scalability, speed, low network fees, and robust developer ecosystem.” Robinhood has further disclosed that it will become a multichain wallet and support a wide number of blockchains.
“Leveraging the Polygon network provides a strong infrastructure for Robinhood Wallet due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for customers. We are excited to partner with Polygon for our initial launch and look forward to offering multichain support in the future,” said Robinhood’s senior product communications manager Oliver McIntosh.
Despite its significant growth and evolution, the platform is rivaled by the likes of European digital bank N26 which recently launched its crypto trading services. In addition, Neobank and Revolut have also been approved to offer crypto services in the United Kingdom.