Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users
Robinhood has been steadily moving away from its original “walled garden” approach to crypto over the past year.
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
No-fee trading platform Robinhood (HOOD) is releasing the beta version of its Web3 wallet, allowing users to swap assets on its non-custodial wallet, the company said Tuesday.
Named the Robinhood Wallet, the Polygon-based wallet is opening its doors to the first 10,000 users who signed up for the testing period in May ahead of its public release.
Chief Technology Office Johann Kerbrat told CoinDesk the wallet will allow users to trade over 20 cryptocurrencies supported by decentralized exchange (DEX) aggregator 0x, without fees. The wallet will also allow users to connect to dapps and earn yield on assets.
Robinhood has been steadily making advances in bolstering its crypto products and moving away from its original “walled garden” approach over the past year. In May, it opened its waitlist for the Web3 wallet’s beta, a month after it released its first crypto wallet to two million users.
Ahead of the wallet’s beta release, Robinhood listed USDC last week for traders. Kebrat said that part of the reason behind the listing was to coincide with the wallet’s release, since it will help onboard new users by offering a token that’s easier to trade without fears about volatility.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.