Blockchain News

Robinhood Selects Polygon to Launch Web3 Wallet Beta


Robinhood has chosen Polygon as the first blockchain network to support its newly launched Web3 wallet. The Robinhood Wallet beta is now live for 10,000 iOS customers out of 1+ million who signed up for the waitlist in May.

Together, Polygon and Robinhood are opening access to decentralized finance (DeFi) for millions of U.S. users. Robinhood chose Polygon to power the best possible trading experience because of the network’s scalability, speed, low fees, and robust developer ecosystem.

Robinhood Wallet users will be able to trade and swap tokens, get crypto rewards and connect to decentralized apps (dApps) immediately upon downloading the beta of the app. All of this while paying no network fees. 

The wallet’s simple and accessible design will let users safely store their tokens and easily track their blockchain portfolios. When the full version of the mobile app is released to the general public at a later date, it will support a wider variety of assets including non-fungible tokens (NFTs).

Polygon is already home to more than 37,000 dApps, including some of the biggest projects in Web3 like Aave, Uniswap V3, and OpenSea. The carbon-neutral network, made even more sustainable by Ethereum’s recent shift to Proof of Stake, has also been chosen by companies such as Adobe, Bentley Motors, Dolce Gabbana, eBay, Nothing, Reddit, Stripe, Starbucks and Telefonica as their entry point into Web3.

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This integration will enable Robinhood to replicate its success in the stock markets by giving crypto customers self-custody, or total control over their assets, and letting them seamlessly access the decentralized web. 

“Like we did with the stock market, Robinhood Wallet strips away some of the complexities of Web3 and DeFi to make crypto more accessible to everyone,” said Johann Kerbrat, CTO and GM at Robinhood Crypto. 

Last month, Robinhood also rolled out support for deposits and withdrawals on the Polygon PoS chain so that customers can purchase MATIC and USDC tokens on the Robinhood app and seamlessly transfer them over to their self-custody wallet.

“Robinhood’s non-custodial wallet represents a veritable game-changer for users and a boon for Web3 adoption,” said Hamzah Khan, Head of DeFi and Labs at Polygon. CRYPTOCASTER® - DECENTRALIZED FREEDOM!

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