Skip to main content

Robinhood Debuts Web3 Crypto Wallet to 10K Customers — Beta Version Supports Polygon

Robinhood Debuts Web3 Crypto Wallet to 10K Customers — Beta Version Supports Polygon

The American financial services company headquartered in Menlo Park, California, Robinhood Markets, Inc., announced the launch of a new non-custodial Web3 crypto wallet on Tuesday and said the product supports the Polygon blockchain network. The application is currently for iOS users only and Robinhood is rolling out the beta version of the Web3 wallet to 10,000 clients on the company’s waitlist.

Robinhood Launches Beta Web3 Crypto Wallet to 10,000 Select Customers

During the last 12 months, Robinhood Markets has shown a strong interest in building cryptocurrency products and services. At the end of January 2022, Robinhood started to roll out the beta version of its crypto wallet that supports bitcoin (BTC), dogecoin (DOGE), and ethereum (ETH). In April, Robinhood expanded the crypto wallet participants to 2 million customers and in mid-May, the financial services company hinted at the non-custodial Web3 wallet release.

Robinhood Debuts Web3 Crypto Wallet to 10K Customers — Beta Version Supports Polygon

The beta version of the Web3 wallet initially will support the Polygon (MATIC) network, a proof-of-stake (PoS) blockchain that’s compatible with Ethereum. Anything connected to the Polygon network like third-party decentralized finance (defi) protocols and decentralized applications (dapps) will support Robinhood’s Web3 wallet. Robinhood detailed on Tuesday that Polygon was chosen due to its inexpensive network fees, plus “scalability, [and] speed.”

Moreover, Polygon won’t be the Web3 wallet’s exclusive blockchain as Robinhood said that eventually, the Web3 wallet will be a “multichain wallet.” “A wallet worth the wait,” Robinhood said on Tuesday. “Beta testing is now live for 10K customers from the waitlist, with Polygon as the first blockchain supported.” Johann Kerbrat, the chief technology officer of Robinhood Crypto, explained that the Web3 wallet widens new opportunities and accessibility. Kerbrat said:

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.

While the wallet is a Web3 client, the product doesn’t support non-fungible tokens (NFTs) at the moment. However, the Web3 wallet can connect to defi applications, access liquidity pools, and participate in yield farming schemes. While 10,000 Robinhood customers are able to leverage the new Web3 wallet, the financial services company detailed that 1 million customers have registered for the waitlist.

“With this launch, Polygon [and] Robinhood are bringing millions of customers to onchain defi via low gas infrastructure,” Polygon’s official Twitter account said on Tuesday.

What do you think about Robinhood Markets releasing the beta version of its Web3 non-custodial crypto wallet? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/Gd0bpSy
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more