Robinhood Markets showed a strong interest over the past 12 months in building cryptocurrency products. Robinhood began rolling out its beta version of its crypto wallet, which supports bitcoin ( TTC), dogecoin (DOGE) and ethereum( ETH). Robinhood increased the number of crypto wallet users to 2 million. In May, the financial services company teased about the release of the non-custodial Web3 pocket wallet.
Initial support for the Polygon (MATIC), a proof-ofstake (PoS), blockchain, will be available in the beta version of Web3 wallet. This network is compatible with Ethereum. Robinhood’s Web3 wallet will work with anything connected to the Polygon network, such as third-party decentralized financial (defi), protocols, and decentralized apps (dapps). Robinhood explained Tuesday that Polygon was selected for its low network fees and’scalability [and] speed.
Robinhood stated that Polygon will not be the Web3 wallet’s only blockchain and that the Web3 wallet would eventually be a multichain wallet. Robinhood stated Tuesday that the wallet was worth the wait. “Beta testing has begun for 10K waitlist customers, with Polygon being the first supported blockchain. Johann Kerbrat is the chief technology officer at Robinhood Crypto. He explained that the Web3 wallet opens up new possibilities and increases accessibility. Kerbrat said:
Robinhood Wallet, just like the stock market did, removes some of the complexities Web3 and defi in order to make crypto easier to all.
The wallet can be used as a Web3 client but it does not support non-fungible tokens. The Web3 wallet is able to connect to defi apps, access liquidity pools and participate in yield-farming schemes. Robinhood customers can now use the Web3 wallet. However, 1 million customers registered for the waitlist by the financial services company.
“With this launch Polygon [and] Robinhood bring millions of customers onchain defi via Low Gas Infrastructure,” Polygon’s official Twitter account stated Tuesday.