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Robinhood, a cryptocurrency and stock trading platform, has announced the release of Robinhood Wallet, a self-custody, Web3 wallet using Polygon (MATIC) as its first supported blockchain. https://twitter.com/RobinhoodApp/status/1574745820573966336?s=20&t=EX-1kmBQ11guW-S0Jetiaw
Robinhood Cryptocurrency Wallet
Robinhood released the beta version of its Web3 wallet on iOS. The first 10,000 individuals who joined the queue in May 2022 would get access to it. Initially maintained on the Polygon blockchain, Robinhood Wallet enables users to trade and shift cryptocurrencies without paying network fees. Johann Kerbrat, Robinhood's chief technical officer, offered his comments on the release of the cryptocurrency wallet. He claimed that Robinhood Wallet eliminates some of the intricacies of Web3 and DeFi to make crypto more approachable to everyone.
"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."
Polygon - Robinhood's Preferred Blockchain
Polygon is Robinhood's preferred blockchain network because it provides scalability, reliability, affordable network costs, and a strong developer community. Additionally, Robinhood introduced support for withdrawals and deposits on the Polygon Proof-of-Stake (PoS) network, enabling users to buy the company's native MATIC token on the Robinhood app and instantly move it to their self-custody wallet. Despite only supporting Polygon at launch, Robinhood Wallet would ultimately support a large number of other blockchains. Robinhood Wallet's plan calls for expanding interoperability with more blockchains. Users can carry out routine actions, including trading, earning rewards, storing, and dApp-based yield farming of cryptocurrencies during the beta release.
Robinhood Lists USDC as First Stablecoin
Cryptoknowmics reported that Robinhood featured Circle's USD Coin (USDC), the first stablecoin available to retail customers on its platform. With the introduction of USDC, the Robinhood app now allows users to trade 17 different cryptocurrencies. The action suggests that trading cryptocurrencies would become a greater proportion of Robinhood's business strategy.