Robinhood Web3 wallet enters beta, uses Polygon as first blockchain

As the blockchain network of choice, Polygon offers scalability, speed, low network fees, and a robust developer ecosystem, according to Robinhood.< /p > New

Crypto and stock trading platform Robinhood has announced the launch of Robinhood Wallet, a web3 self-custody wallet, with Polygon (MATIC) as the first supported blockchain.

Robinhood has launched the beta version of its Web3 wallet on iOS. It is made available to the first 10,000 users who joined the waitlist in May 2022. Hosted first on the Polygon blockchain, Robinhood Wallet allows users to trade and exchange cryptocurrencies at no cost network.

Sharing his thoughts on the launch of the crypto wallet, Johann Kerbrat, Chief Technology Officer of Robinhood Crypto, Robinhood's crypto trading platform, said:

"Like we did with the stock market, Robinhood Wallet removes some of the complexities of web3 and DeFi to make crypto more accessible to everyone."

For Robinhood, Polygon, as the blockchain network of choice, further offers scalability, speed, low network fees, and a robust developer ecosystem. Robinhood's symbiotic relationship with Polygon dates back to August 2022, when the platform added support for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain.

However, Robinhood Wallet's roadmap also includes expanding compatibility with other blockchains. The beta will allow users to perform common tasks such as trading, rewards, storage, and DApp-based yield farming of cryptocurrencies.

Future iterations of the wallet will include support for the