Robinhood Announces the Launch of its Non-Custodial Crypto Wallet in Beta
Robinhood, a no-fee trading platform, has recently unveiled a beta version of its Web3 wallet, which gives users access to the decentralized web and the ability to exchange cryptocurrencies without paying network fees.
The standalone non-custodial wallet, which currently only supports the Polygon blockchain, has been provided to 10,000 iOS users who joined the waitlist in May, according to a blog post on Robinhood's website on Tuesday.
According to Johann Kerbrat, the company's chief technology officer, the wallet would offer fast speeds, gasless exchanges, and increased security. Users will be able to trade over 20 cryptocurrencies supported by decentralized exchange (DEX) aggregator Ox without paying any fees, and by connecting with decentralized apps (dApps), they will be able to earn a yield on their cryptocurrencies.
“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, co-founder and CEO of Robinhood. “By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”
The company aims to develop a multichain wallet in the future, even if the beta version of the Robinhood Wallet only supports the Polygon (MATIC) network—a layer 2 scaling solution for Ethereum. In the blog, Robinhood referred to it as a "wallet worth the wait."
In an effort to increase public awareness of cryptocurrency, the California-based financial services company has been busy this year extending its crypto offerings, just like it did with the stock market. The beta version of Robinhood's cryptocurrency wallet was released in January, and two million additional customers were given access in April.
It's also important to note that the platform just recently made the stablecoin USDC available to traders. Intentionally launching the stablecoin at the same time as the Web3 wallet, according to Kebrat, the business believes that having access to a crypto asset that isn't volatile would aid in attracting new users.
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