The self-custodial, Web3 wallet Robinhood Wallet was launched by the cryptocurrency and stock trading website Robinhood, with its first initial supporting blockchain being Polygon (MATIC) as its initial supporting blockchain.
On iOS, Robinhood released the Web3 wallet’s beta version. The first 10,000 people who entered the waitlist in May will have access to it. The Robinhood Wallet, which is originally deployed on the Polygon blockchain, enables users to trade and shift cryptocurrencies without paying network charges.
The CFO of Robinhood Crypto, the cryptocurrency trading platform of Robinhood, Johann Kerbrat, offered his opinions on the introduction of the crypto wallet: “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 and DeFi to make crypto more accessible to everyone.”
As a preferred blockchain network for Robinhood, Polygon also provides scalability, speed, minimal network costs, and a strong developer community. Since August 2022, when the platform launched functionality for withdrawals and deposits of MATIC on the Polygon PoS consensus mechanism, Robinhood and Polygon have been mutually beneficial partners.
On the other hand, Robinhood Wallet’s plan calls for expanding interoperability with additional blockchains. Users will be able to carry out routine actions including trading, earning rewards, storing, and DApp-based yield farming of crypto during the beta release.
The non-fungible token (NFT) market will be supported in later versions of the wallet. More than a million users have joined the waitlist, according to Robinhood.
According to a rumor from June 2022, Robinhood may be up for sale via crypto derivatives exchange FTX.
Bloomberg’s source made it clear that the conversation was entirely internal and that the exchange has yet to contact Robinhood with a takeover bid even if the option regarding an official acquisition is not final.