Crypto and equity trading platform Robinhood has announced the launch of Robinhood Wallet, a Web3 self-custodian wallet, with Polygon (MATIC) as the first backed blockchain.
Robinhood has launched the beta version of its Web3 wallet on iOS. It is made available to the first 10,000 users who joined the waitlist in May 2022. First hosted on the Polygon blockchain, Robinhood Wallet allows users to trade and exchange digital currencies without fees on the network.
Johan Kerberatt, chief technology officer of Robinhood Crypto, crypto trading platform Robinhood, shared his thoughts on launching the crypto wallet:
“Just like we did with the stock market, Robinhood Wallet removes some of the complexities of web3 and DeFi to make crypto more accessible to everyone.”
For Robinhood, Polygon, as the preferred blockchain network, provides scalability, speed, low network fees, and a strong developer ecosystem. Robinhood’s symbiotic relationship with Polygon dates back to August 2022, when the platform added support for MATIC deposits and withdrawals in the Polygon Proof of Stake (PoS) chain.
However, Robinhood Wallet’s roadmap includes expanding compatibility with other blockchains as well. The trial version will allow users to perform common tasks such as trading, rewards, storing and cultivating DApp-based returns for cryptocurrencies.
Future iterations of the wallet will include support for the non-fungible tokens (NFT) market. Robinhood revealed that more than 1 million users have signed up for the waiting list.
Related: Polygon CSO Blames Web2 Security Vulnerabilities for Recent Hacking Wave
A report from June 2022 indicated that crypto derivatives exchange FTX is looking to acquire Robinhood.
Although the decision on the formal acquisition has not yet been finalized, the Bloomberg communication clarified that the discussion was purely internal and that the exchange has not yet approached Robinhood with a takeover offer.
“We are excited about the prospects for Robinhood’s business and potential ways we can partner with them. […] However, there are no active merger and acquisition talks with Robinhood,” FTX CEO Sam Bankman-Fried confirmed.
from San Jose News Bulletin https://sjnewsbulletin.com/robinhood-web3-wallet-enters-beta-taps-polygon-as-first-blockchain/
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