Robinhood Markets has been showing great interest in creating cryptocurrency products and services for a year now. At the end of January 2022, Robinhood began deploying a beta version of its cryptocurrency wallet supporting bitcoin (BTC), Dogecoin (DOGE) and etherium (ETH).
In April, the number of cryptocurrency wallet users expanded to 2 million, and in mid-May, the financial services company hinted at a non-custodial Web3 wallet release.
Initially, the beta version of the Web3 wallet will support the Polygon network (MATIC), an Ethereum-compatible blockchain that operates on the Proof of Share (PoS) principle. Anything connected to the Polygon network, such as third-party DeFi protocols and decentralized applications (dapps), will be compatible with Robinhood’s Web3 wallet.
The Robinhood team reports that Polygon will not be the only blockchain for this product, as the Web3 wallet will eventually become a multichain wallet.
As with the stock market, the Robinhood wallet removes some of the complexities associated with Web3 and defi to make cryptocurrency more accessible to people,” explained Robinhood Crypto CTO Johann Kerbrath.
Although the wallet is a Web3 client, it does not currently support non-interchangeable tokens (NFT). However, the new product can connect to DeFi-applications to access liquidity pools and participate in income farming schemes.
Currently, 10,000 Robinhood customers can already use the new Web3 wallet, but the total number of customers on the waiting list has reached 1 million.
This product will allow Polygon and Robinhood to bring millions of customers to onchain-DeFi through low-fee infrastructure, Polygon’s official Twitter account described the prospect.