Robinhood, an American financial giant, is showing its interest in going all in on cryptocurrencies this year. With the announcement of intentions to create a non-custodian wallet in May, Robinhood displayed its interest in the cryptocurrency realm.
The wallet is said to include an NFT market, access to DeFi protocols, and capabilities for trading and swapping assets. All these features will be available without incurring network fees. The announcement was that the beta version would be rolled out by the end of the year.
However, in a recent blog, Robinhood announced the release of its web3 wallet beta.
Robinhood’s web3 wallet beta is live
Robinhood’s web3 wallet beta version is now live. The company also announced its initial support for the Polygon (MATIC) blockchain.10,000 iOS users who signed up for the waitlist back in May are now able to use the self-custody web3 wallet beta.
The standalone app, officially known as Robinhood Wallet, will offer Polygon as its first blockchain network. It offers users complete control over their cryptocurrency, enables network-free crypto trading and crypto swapping, and provides instant access to the decentralized web.
“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.” “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone,” said Johann Kerbrat, Chief Technology Officer and General Manager.
The company announced that the firm chose Polygon due to its speed, scalability, and low network fees. The financial giant also rolled out support for deposits and withdrawals for Polygon. Due to this integration, users are also able to buy MATIC from the app.
The firm is also planning to expand its support to other blockchains in the near future.