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Robinhood Taps Polygon Over Ethereum for Its Web3 Wallet Beta Launch

Robinhood Lists USDC as First Stablecoin on Trading Platform

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Robinhood announced the launch of its beta Web3 wallet, allowing 10,000 waitlisted customers to participate in the wallet’s testing phase.

The app, which is only available for Apple mobile devices, allows users to exchange crypto without online fees and earn revenue by connecting to other decentralized apps (dApps).

Beta version is not supported NFT trading or marketplace operation, and this feature is designed for the final deployment of the wallet.

Robinhood said the decision to choose Polygon as their exclusive blockchain partner, centered around the network’s “scalability, speed, low network fees, and robust developer ecosystem.”

The company noted that they “finally[come] a multi-chain wallet that supports multiple blockchains.

Robinhood’s slow rollout

Robinhood first released a beta version of the crypto wallet in January of this year at the height of the hysteria in the crypto bull market. This launch version allows 1,000 users to trade the popular assets Bitcoin, Ethereum, and Dogecoin, but total withdrawals are limited to just $2,999.

In May, the company teased development from the Web3 wallet.

talking with Decrypt at the time, Robinhood was tight-lipped about the move to Ethereum proof of contribution (PoS) consensus would influence its inclusion with an anonymous spokesperson stating that: “There are multiple solutions to realizing this vision, and we’re excited to show everyone how we’re going to do it.”

Robinhood and Polygon have yet to respond Decryptrequest for comments.

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