Just-In: Robinhood Launches Self-Custody Web3 Wallet, A Boost For Listed Crypto?

The commission-free trading platform Robinhood on Tuesday announced the launch of a beta version of its self-custody, Web3 wallet called Robinhood Wallet. Users can now trade and swap crypto with no network fees and access the decentralized web. The wallet will support Polygon as the first blockchain network.

Robinhood Introduces Zero-Fee Self-Custody Web3 Wallet

Robinhood in an official blog on September 27 announced the launch of its self-custody, web3 wallet beta for 10,000 iOS customers who joined the waitlist back in May. Also, the Robinhood Wallet has added support for Polygon, becoming the first blockchain on the wallet.

The wallet allows users to trade and swap crypto with zero fees, have more control over their crypto, and access the decentralized web. In fact, the trading platform aims to make crypto and web3 more accessible.

Johann Kerbrat, chief technology officer and general manager of Robinhood Crypto, said:

“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.”

Robinhood selected Polygon blockchain for its scalability, speed, low network fees, and robust developer ecosystem. It helps provide users with the best trading experience. Recently, the Robinhood app listed Polygon’s native token MATIC, along with support for deposits and withdrawals on the Polygon PoS network. However, the company will soon introduce support for multiple blockchains, eventually becoming a multichain wallet.

Furthermore, users can use the various features in the beta mode. It includes funding the wallet with USDC, zero-fees crypto trading and swapping, earning crypto rewards, and tracking a blockchain portfolio. Also, users can connect to decentralized apps (DApps) and earn yields.

Robinhood Wallet will be able to connect to NFT marketplaces and view NFTs after the beta testing. Currently, there are over 1 million people on the Robinhood Wallet waitlist.

Boost for Listed Cryptocurrencies

The Robinhood Wallet will be a huge boost for listed crypto on the trading app. Robinhood has listed cryptocurrencies including Polygon (MATIC), Shiba Inu (SHIB), Chainlink (LINK), Solana (SOL), Stellar (XLM), Avalanche (AVAX), Cardano (ADA), USDC, and others.