Robinhood Finally Delivers A Crypto Wallet But Can't Hold One Of The Most Important Currencies - Yet

Retail stock-trading platform Robinhood Markets Inc. HOOD has launched its self-custody, web3 wallet beta to 10,000 Apple iOS customers who joined the waitlist back in May.

The standalone app, officially known as Robinhood Wallet, will use Polygon MATIC/USD as its initial blockchain network to give users complete control over their cryptocurrency, enable network-free crypto trading and swapping, and provide seamless access to the decentralized web.

“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,” said Johann Kerbrat, Chief Technology Officer of Robinhood Crypto. “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.”

Due to its scalability, speed, low network fees, and robust developer ecosystem, the trading platform said it chose the Polygon blockchain over the overwhelmingly popular Ethereum ETH/USD blockchain. However, it added that it would eventually support multiple blockchains and become a multi-chain wallet.

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Although it is not yet included in the beta program, viewing NFTs and connecting to NFT marketplaces will be supported once Robinhood Wallet is made available to the general public (nearly one million people are in the queue).

Participating users can download the app and use the following features during the beta:

• Fund your wallet with USDC as the primary fiat-representative token
• 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 a yield

Robinhood first released the beta version of its cryptocurrency wallet in January of this year. The first iteration allowed 1,000 users to trade the well-known currencies Bitcoin, Ethereum, and Dogecoin, but put a $2,999 cap on withdrawal amounts.