Robinhood Launches Polygon-Supported Web3 Wallet In Beta

After launching a multi-chain custodial wallet to its millions of users earlier this year, American trading platform Robinhood has now launched a beta test for its non-custodial wallet. For now, the beta version is solely compatible with Ethereum’s popular Layer-2 network, Polygon. 

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10,000 users who signed up to the project’s waitlist back in May have exclusive access to the wallet, where from there, they can purchase MATIC on Robinhood’s flagship exchange app, which they can then transfer to the wallet.

They can also link the wallet to Polygon-based dApps and DeFi protocols (such as Uniswap, Balancer, and Kyberswap), as well as Polygon-oriented metaverses such as Decentraland.

Of course, once the wallet is rolled out to the public in full (which is set to take place before the end of the year), the team will begin developing its multi-chain functionality to allow users to manage and store assets that are spread across multiple blockchains. In addition, the public roll-out will also see developments in NFT marketplace integration and storage.

The non-custodial addition comes just months after the platform launched a multi-chain custodial crypto wallet for its 2+ million users. As per the words of Johann Kerbrat, Robinhood’s Chief Technology Officer of Crypto, the wallets are essentially web3-extensions of the company’s pre-existing financial services:

“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.”

As pointed out by the beta launch’s exclusive partner, the wallet is also conducting its mass crypto-onboarding through one of the most economical methods out there, as the Polygon network is notorious for its inexpensive network fees, scalability, and speed.