By
Godfrey Benjamin
April 22nd, 2024
Robinhood noted that users of the new web3 wallet would be able to trade and swap crypto and also enjoy no network fees.
Financial services company Robinhood (NASDAQ: HOOD) has launched its web3 wallet beta, officially named Robinhood Wallet. The company announced the rollout of its Web3 crypto wallet app on the 27th of September, noting that the service will be available to 10,000 iOS customers. According to Robinhood, these customers have been on the waitlist since May. Currently, there are over 1 million people on the Robinhood Wallet waitlist.
The new Robinhood Wallet is “an approachable, low-cost standalone app” with a friendly design. According to the announcement, the crypto wallet will support Polygon as its first blockchain network. Robinhood preferred Polygon due to its scalability, low network fees, and speed. The financial services provider added that Polygon’s developer ecosystem also helps enhance customers’ trading experiences.
Before the new collaboration, Robinhood recently incorporated deposits and withdrawals on the Polygon PoS network. The offering was designed to enable the purchase of MATIC tokens on the Robinhood app and allow customers to transfer them to their self-custody wallet. As time goes on, Robinhood will expand its wallet to be multichain, supporting varieties of blockchains apart from Polygon.
The Robinhood Wallet
With the web3 wallet, customers will have full access to their crypto assets and be able to control them as desired. Robinhood noted that users of the new web3 wallet would be able to trade and swap crypto and also enjoy no network fees. The financial services company also gives customers seamless access to the decentralized web.
Furthermore, eligible customers can download the app while in the beta version. Some features currently available for participating users are trading and swapping crypto with no network fees. Also, users can fund their wallets with USDC and earn crypto rewards. The app can further help in the safekeeping and tracking of the blockchain portfolio and so on. The company will unveil more features when the beta version is over, and the wallet is eventually available to the public. For example, users will be able to view non-fungible tokens (NFTs) and connect to NFT marketplaces.
The chief technology officer and general manager of Robinhood Crypto, Johann Kerbat, commented:
“Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers. Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.”
At press time, Robinhood stock is trading at $9,61 in after-hours trading. The company has plunged over 78% in the last twelve months and 45.89% since January. Additionally, HOOD has shed more than 3% in the last five days. However, the company’s stock managed to gather an 8.40% gain in the last three months. It further climbed 1.48% over the past month.