Robinhood is launching a wallet dedicated to Web3
Robinhood is launching a wallet dedicated to Web3
Crypto

Robinhood is launching a wallet dedicated to Web3

By Eliano Martellucci - 28 Sep 2022

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Robinhood, the popular crypto and equity investment app, will launch its own Web3-oriented wallet. 

Robinhood’s Web3 wallet coming soon

The new wallet for accessing the Web3 world will be called “Robinhood Wallet” and will be non-custodial. This means that the investment platform will have no control over the funds deposited within it. 

The project is still in the Beta phase. Indeed, a waitlist was opened in May to which 1.5 million users have already signed up. Of these, only the first 10,000 will be selected, and those deemed eligible will receive an invitation starting today.

The lucky ones will thus have a chance to test the wallet still in its initial phase, during which they will be able to provide useful feedback to the team. 

During the beta, participants will be able to download the app and use the following features:

  • Trade and swap crypto with no network fees
  • Earn crypto rewards
  • Safely store and track your blockchain portfolio
  • Connect to decentralized apps (dApps) to earn yield

Connecting to the NFT world is not part of the beta, but will be available after the public launch. 

Testing prior to the official launch is very important and delicate, as it allows any problems to be solved beforehand, thus making market entry more successful.

In the tech industry, this is the practice and is increasingly refined especially when dealing with technically complex products. 

For now, the full release is scheduled for later this year, but, as is often the case, the possibility of a delay is not ruled out. 

wallet web3 polygon
The Robinhood wallet to access the universe of the Web3

Robinhood hits the mark again

These are the big moves the entire industry needs to bring more and more users closer to the decentralized world, where everyone is their own master and to act without being accountable to a central figure. 

The decision made by something like Robinhood is nothing less than another big step toward the mass adoption of crypto and blockchain technology in general. 

Before long, as many as 22.9 million users will be able to discover the benefits of DeFi, taking their experience in the cryptocurrency world to the next level.

It is still too early to tell, but it seems that Robinhood has once again hit the mark. 

Indeed, the platform is known to simplify those processes that would otherwise be more complex, especially for newbies. 

This is precisely the point, because thanks to its extremely user-friendly interface, it is able to bring the masses closer to certain operations, which until a few years ago belonged to a smaller niche. 

It did this with stocks, then with cryptocurrencies, and now with Web3, which is only waiting to offer the infinite potential to a much wider pool of users.

The entry of millions of consumers into a given industry spurs its development and innovation, and Robinhood is certainly accelerating this process. 

Johann Kerbrat, Chief Technology Officer of Robinhood Crypto, revealed:

“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. 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.”

The partnership with Polygon

The wallet was developed in partnership with Polygon, the successful Layer 2 of the Ethereum blockchain. The choice was driven by its scalability, speed, inexpensive network fees, and strong ecosystem of developers. 

Together, these factors ensure an optimal trading experience for any user, especially those who want to trade with small amounts of money. 

For now, it will be the only supported blockchain, but it cannot be ruled out that the new wallet will adopt a multi-chain orientation, especially toward those compatible with EVM, given the initial choice. 

This means that Polygon will be the first network to be supported by the Robinhood Wallet. Not surprisingly, not long ago, the investment app had enabled deposits and withdrawals in MATIC, thus implementing support for transfers on Polygon’s PoS blockchain. 

As a result, users will be able to buy crypto in the app and seamlessly transfer it to their non-custodial wallet, opening wide the doors to the amazing world of dApps in the Polygon ecosystem. 

It is worth mentioning that, currently, these are the ones that cover the largest portion of the market. We are referring to ecosystems that are already very large compared to others, such as that of Binance, Avalanche, Cronos and, of course, Ethereum leading the way. 

Eliano Martellucci

Eliano has a bachelor's degree in Economics and Business Administration and is about to complete his master's studies in Finance at the University of Trento (UNITN). He got hooked on the crypto and blockchain world during the summer of 2017 and has not left it since then. He currently works as editor & SEO specialist at Cryptonomist, writes articles and invests, both in Blue Chip and early stage assets. Furthermore, he is working on his latest thesis project entitled: "A Study on crypto market Sentiment Analysis through Machine Learning algorithms in python."

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