Robinhood Launches Web3 Wallet

The release of Robinhood’s beta Web3 wallet will enable 10,000 customers on its waitlist to take part in the testing phase of the wallet.

The app, which is exclusive to Apple's iOS, will reportedly allow users to trade digital currencies with "no network fees," and it will also enable users to earn a yield by establishing connections with other decentralized applications (dApps). 

Robinhood said that Polygon was chosen as their exclusive blockchain partner because of its "scalability, speed, low network fees, and strong developer ecosystem." Robinhood and Polygon have had a symbiotic relationship since August 2022, when the platform added support for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain.

The company’s CTO and general manager, Johann Kerbrat, said, "Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.”

This is to note that the beta version of the wallet won't let you trade NFTs or use the marketplace. These features are planned for the wallet's final release.

More importantly, the company also mentioned it "will eventually become a multichain wallet that supports a large number of blockchains."