Robinhood Taps Polygon Over Ethereum for Its Web3 Wallet Beta Launch

Robinhood announced the launch of its beta Web3 wallet, giving 10,000 waitlisted customers the ability to participate in the wallet’s testing phase.

The application, which is solely available on Apple mobile devices, will let users trade crypto with reportedly “no network fees,” as well as earn yield by connecting with other decentralized applications (dApps).

Robinhood Crypto’s CTO and general manager Johann Kerbrat said that the “Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.”

The beta version will not support NFT trading or marketplace activities, with this feature slated for the wallet’s final rollout. 

Robinhood said that the decision to select Polygon as their exclusive blockchain partner centered around the network’s “scalability, speed, low network fees, and robust developer ecosystem.” 

The firm noted that they “will eventually be[come] a multichain wallet that supports a wide number of blockchains.”

When asked if Ethereum’s shift to a proof-of-stake (PoS) consensus mechanism was behind the reason for opting for Polygon, Robinhood’s senior product communications manager Oliver McIntosh told Decrypt that this was not part of the decision.

Instead, he added, “leveraging the Polygon network provides a strong infrastructure for Robinhood Wallet due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for customers. We are excited to partner with Polygon for our initial launch and look forward to offering multichain support in the future.”

Source : decrypt

Leave a Reply

Your email address will not be published. Required fields are marked *