Robinhood Launches New Noncustodial Crypto Wallet With Polygon For Beta Users Of 10,000 Users TechCrunch

Robinhood is finally rolling out a beta version of its noncustodial crypto wallet to 10,000 customers on its waitlist after announcing the product in May, its CTO and chief crypto officer, Johann Kerbrat, told TechCrunch. The product is called Robinhood Wallet and will be the company’s first app available internationally, Kerbrat said.

The company revealed new details about the offering in conjunction with the beta launch, including that it will launch exclusively with Polygon, a popular layer two blockchain that connects to Ethereum and makes the network faster and less expensive. expensive to use.

This means that beta users will be able to purchase the Polygon MATIC token on Robinhood’s main exchange app and transfer it to their Robinhood wallet. They will also be able to access dApps directly on the Polygon network, including DeFi apps such as Uniswap, Balancer, and Kyberswap, and metaverse games such as Decentraland, a Polygon spokesperson said in an email to TechCrunch.

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Over time, the Robinhood team plans to expand multi-chain support for the wallet beyond the Polygon ecosystem, Seong Seog Lee, head of Robinhood crypto products, told TechCrunch.

“I think there are two or three main considerations [around going multi-chain], says Lee. “The first is that we want to launch this initial wallet out into the world and see what user feedback looks like. I think the demand for multi-channel is something we’re going to keep in the forefront if a lot of users ask for it… I think the second is, if we think multi-channel ends up delivering a better, better experience more liquid decentralized trading, it is also something that will encourage us to move to multi-chain. And the third is that in the future, as we look at use cases like NFTs, we think multi-chaining could be a great way to achieve that.

Robinhood rolled out a custodial crypto wallet to its users earlier this year and said it plans to complete the full rollout of the non-custodial wallet to over one million users on the waitlist once the beta version completed, some time before the end of 2022.

Beta users will be able to fund their wallets using stablecoin USDC tokens, trade and trade cryptos, and connect to dApps to earn yield, according to the company. However, NFT Marketplace integration and the ability to view NFTs in the Robinhood Wallet will not be available until the public launch later this year, Kerbrat said.

Notably, Robinhood says it won’t charge Robinhood Wallet users network or gas fees for transactions, differentiating its noncustodial offering from other popular noncustodial wallets such as Metamask and Coinbase Wallet.

Lee said the Gasless Swap feature, in particular, is “an important step in reducing friction for users to start doing things on-chain.”

“We wanted to retain the characteristics of what a decentralized trading experience allows you to do, which is to trade from coin to coin. But at the same time, we wanted to simplify that in a mobile-friendly user interface,” Lee said.

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Robinhood Launches New Noncustodial Crypto Wallet With Polygon For Beta Users Of 10,000 Users TechCrunch

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