Robinhood Launches Beta Version of Web3 Wallet

• The beta version will allow the first 10,000 clients on the waiting list.
• The iOS-only app will purportedly have “no network fees” for crypto trading.

In an official announcement, Robinhood said that the beta version of its Web3 wallet was now available, allowing the first 10,000 clients on the waiting list to take part in the wallet’s testing.

The iOS-only app will purportedly have “no network fees” for cryptocurrency trading, and it will also let users earn yield by linking to other decentralized apps (dApps). Beta users will be unable to engage in NFT trading or marketplace operations until the wallet’s final release.

Polygon Over Other Blockchains

When asked why they chose Polygon as their only blockchain partner, Robinhood cited the network’s “scalability, speed, low network fees, and robust developer ecosystem.” The company said that it will eventually become a multichain wallet that supports a vast variety of blockchains.

In January of this year, during the peak of the crypto bull market euphoria, Robinhood released the beta version of its cryptocurrency wallet. Withdrawal limits of $2,999 are placed on the first 1,000 customers, while prominent cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are available for trading. The business announced the creation of its Web3 wallet in May.

According to Robinhood’s Chief Technology Officer Johann Kerbrat the wallet would enable users to trade over 20 cryptocurrencies without incurring any costs. Users will be able to connect to dapps and get yield on assets via the wallet.

An anonymous Robinhood spokesperson stated at the time, “There’s multiple solutions to deliver on that vision, and we’re excited to show everyone how we’re going to do it.” This was in response to a question about whether Ethereum’s move to proof-of-stake (PoS) consensus would affect the exchange’s decision to support the cryptocurrency.

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