Cryptocurrency and stock trading platform Robinhood has announced the launch of Robinhood Wallet, a self-custody Web 3.0 wallet, with Polygon (MATIC) as its first supported blockchain.
Robinhood released the beta version of its Web 3.0 wallet on iOS. It is available to the first 10,000 users who joined the waiting list in May 2022. Firstly hosted on the Polygon blockchain, Robinhood Wallet allows users to trade and exchange cryptocurrencies with no network fees.
Johann Kerbrat, CTO of Robinhood Crypto, Robinhood’s cryptocurrency trading platform, shared his thoughts on the wallet launch:
“Like we did with the stock market, Robinhood Wallet eases some of the complexities of Web 3.0 and DeFi to make cryptocurrency more accessible to everyone.”
For Robinhood, Polygon, as the blockchain network of choice, also offers scalability, speed, low fees, and a strong developer ecosystem. Robinhood’s symbiotic relationship with Polygon dates back to August 2022, when the platform added support for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain.
However, the Robinhood Wallet roadmap includes expanding compatibility with other blockchain networks. The beta version will allow users to do common things like trading, rewards, storage, and yield farming of cryptocurrencies based on DApps.
Future iterations of the wallet will include support for the non-fungible token (NFT) market. Robinhood revealed that more than a million users have signed up for the waiting list.
A June 2022 news story suggested that cryptocurrency derivatives exchange FTX is considering the acquisition of Robinhood.
Although the decision on an official acquisition is not finalized, the Bloomberg source clarified that the discussion was purely internal and that the exchange has not yet contacted Robinhood with a purchase proposal.
“We are excited about the business prospects for Robinhood and the potential ways we could partner with them. […] That said, there are no active M&A talks with Robinhood.” FTX CEO Sam Bankman-Fried confirmed.
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