- Robinhood launches its Wallet to its 1 million users.
- Robinhood Wallet uses the Polygon network, which is free of charge.
- The iOS version is currently available for crypto swaps and transactions.
Robinhood has entered the software wallet market. The Robinhood Wallet, a smartphone app that allows users to trade and move crypto as well as examine owned NFTs and coins, was introduced today by the business.
According to Robinhood, “It is presently being gradually pushed out to over 1 million waitlisted consumers through an access code. In September, it was offered in beta to just 10,000 waitlisted users.”
Polygon, an Ethereum sidechain, is used by the Robinhood Wallet to provide exchanges without network fees. It also implemented Ethereum support today.
A big transfer function on Robinhood’s main trading app was previously marketed as a “Crypto Wallet” offering. In January 2022, the capability went into beta, allowing Robinhood users to move cryptocurrency to and from the marketplace.
The Robinhood wallet that is being released today, on the other hand, is more akin to MetaMask, Phantom, or the Coinbase wallet. The Robinhood Wallet is a fully independent product contained in a distinct, standalone app that gives customers complete control over their crypto and access to more sophisticated capabilities like connecting to decentralized applications and NFT markets.
They created this solution to address the issues that many consumers experienced with rival programs, such as their unintuitive appearance and exorbitant costs. Other products on the market, according to its beta users, are excessively sophisticated and hard to use.
According to Robinhood’s Crypto GM, the account will act as a “browser” for Web3. Polygon, as the public blockchain of choice for Robinhood, provides efficiency, sustainability, expandability, minimal network fees, and a rich developer environment.
