Robinhood launches its self-custody, web3 wallet beta
Today, Robinhood is launching its self-custody, web3 wallet beta to 10,000 iOS customers who joined the waitlist back in May. Officially called Robinhood Wallet, the standalone app will support Polygon as its first blockchain network, give customers total control of their crypto, allow them to trade and swap crypto with no network fees, and let them seamlessly access 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,” said Johann Kerbrat, Chief Technology Officer and General Manager of Robinhood Crypto. “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.”
Robinhood Wallet is an approachable, low-cost standalone app with a simple and accessible design that people have come to expect from Robinhood. Polygon is the first blockchain network Robinhood Wallet supports. Robinhood also recently rolled out support for deposits and withdrawals on Polygon PoS network so that customers can purchase its native MATIC token on the Robinhood app and seamlessly transfer it over to their self-custody wallet.
While Robinhood Wallet is launching exclusively with Polygon, it will eventually be a multichain wallet that supports a wide number of blockchains.
During the beta, participating customers will be able to download the app and use the following features:
- Fund their wallet with USDC as the primary fiat-representative token
- Trade and swap crypto with no network fees
- Earn crypto rewards
- Safely store and track their blockchain portfolio
- Connect to decentralized apps (dapps) to earn yield
Viewing NFTs and connecting to NFT marketplaces will be supported when Robinhood Wallet is available to the general public, but it is not part of the beta program at this time.
There are already more than 1 million people on the Robinhood Wallet waitlist globally.