Robinhood Launches Beta Version for Non-Custodial Web 3 Wallet

Investment platform Robinhood has rolled out a beta version of its long-awaited non-custodial Web 3 wallet dubbed the Robinhood Wallet while integrating the Polygon network as the first blockchain to be utilized on the app.

On May 17, the U.S.-based investment firm announced that it was in the works of launching a new Web 3 wallet which will operate as a non-custodial wallet, giving users control over their private key.

10k Users to Gain Early Access

Around one million users applied to be among the first to use the app upon its release. Following the release of the app’s beta version today, the company stated that only 10,000 iOS users would get to try out the Robinhood wallet.

Robinhood Wallet intends to offer users simplified and seamless access to decentralized finance. Emphasizing the planned simplicity of the app, Johann Kerbat, CTO at Robinhood, said:

“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.”

Robinhood Integrates Polygon

Polygon is notable for its use of the proof-of-stake (PoS) consensus mechanism, which enables users to conduct fast transactions with less energy consumption. The network also boasts of its scalability and developer ecosystem.

Using these features to its advantage, Robinhood offers to trade and swap cryptocurrencies with no network fee for its users using the beta version. It also promises crypto rewards, safe storage, and connection to several decentralized applications (dApps).

Robinhood noted that non-fungible tokens (NFTs) trades will be included in the full version of the app when it is rolled out later, alongside a “wider variety of assets.”

Commenting on the collaboration with Robinhood, Hamzah Khan, the Head of DeFi and Labs at Polygon, said:

“Robinhood’s non-custodial wallet represents a veritable game-changer for users and a boon for Web3 adoption [. . .] This is a major step in our mission to make DeFi accessible to all users.”

Robinhood’s interest in Polygon has been evident since last month, when the investment company enabled support for deposits and withdrawals of Polygon’s native token, MATIC.

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