Robinhood Picks Polygon To Launch Web3 Wallet Beta

Today, the popular online “Robinhood” announced that it closed a deal with Polygon as the first blockchain to support Robinhood’s new Web3 wallet.

The Robinhood Wallet beta is now available to 10,000 iOS consumers, who were among the more than one million who signed up for the queue in May.

Polygon and Robinhood are collaborating to provide millions of US customers with access to decentralized finance (DeFi). Because of the network’s scalability, speed, low costs, and rich development environment, Robinhood picked Polygon to enable the best possible trading experience.

Users of the Robinhood Wallet will be able to trade and swap tokens, get crypto rewards, and connect to decentralized apps (dApps) immediately after installing the beta version of the program.

Users will be able to safely store their tokens and quickly follow their blockchain portfolios thanks to the wallet’s simple and user-friendly design. When the complete version of the mobile app is given to the public, it will support a broader range of assets, including non-fungible tokens (NFTs).

This connection will allow Robinhood to repeat its success in the stock market by providing crypto consumers with self-custody – or complete ownership over their assets.

“Like we did with the stock market, Robinhood Wallet strips away some of the complexities of Web3 and DeFi to make crypto more accessible to everyone,” Johann Kerbrat, CTO and GM at Robinhood Crypto said in a statement.

Polygon Success

The layer 2 blockchain appears to have established itself as one of the “go-to” blockchains big corporations look for when developing a Web3 project.

Recently, Polygon announced a new partnership with the coffee-house giant Starbucks, in order to launch a new NFT collection.

Polygon’s list of high-profile partners keeps getting bigger – including companies like Meta (Facebook), Draft Kings, OpenSea, and EA Sports, among many others.

The blockchain already hosts over 37,000 dApps, including some of the most important Web3 projects such as Aave, Uniswap V3, and OpenSea.

The carbon-neutral network, made even more sustainable by Ethereum’s recent transition to Proof of Stake, has also been chosen as an entry point into Web3 by firms like Adobe, Bentley Motors, Dolce Gabbana, eBay, Nothing, Reddit, Stripe, Starbucks, and Telefonica.

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