In January, investment broker Robinhood launched the beta version of its cryptocurrency portfolio. Now, the company has released another beta, but this time the wallet will have features aimed at Web3 as a whole. According to Robinhood, the Web3 wallet will focus on exchanging cryptocurrencies and earning income. That is, customers will be able to exchange and trade cryptocurrencies among themselves, without paying fees, in addition to being able to use decentralized applications (dApps). This function will allow investors to earn income by leaving their cryptocurrencies on staking platforms, for example. Robinhood Crypto CTO and General Manager Johann Kerbrat said that “Robinhood’s Web3 wallet eliminates some of the complexities of web3 to make cryptocurrency more accessible to everyone.” For now, the device is only available to iOS system users (iPad and iPhone).
New wallet will have limited functions
Robinhood stated that the new Web3 wallet is in the testing phase. Initially, only 10,000 customers who signed up for the waiting list will be able to use the wallet. Because of this, the software will also have very limited usage features. For example, the wallet will not support NFT trading or market activities. But the broker has already informed that these features will be present in the final version of its portfolio. Additionally, Robinhood said it will not use the Ethereum network to run the wallet. Instead, the device will have Polygon as its exclusive blockchain partner. According to the exchange, the second-tier network is more “scalable, faster, has low network fees and a robust developer ecosystem.” However, the final version will not only support Polygon, but several other networks. “The wallet will be multi-chain, supporting a large number of blockchains,” the company said. According to Robinhood’s Senior Product Communications Manager Oliver McIntosh, the decision also has nothing to do with The Merge. Robinhood chose Polygon as its exclusive partner in the beta release and McIntosh reiterated the perks. “Leveraging the Polygon network provides a strong infrastructure for the wallet due to its scalability, speed, low network fees and robust ecosystem. We want to provide one of the best shopping experiences for customers and are excited to partner with Polygon for our initial launch.”
second stage of the portfolio
Robinhood launched the first beta version of its wallet in January of this year, at the height of the cryptocurrency market hysteria. In that first version, 1,000 users were able to trade cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). In May, the company teased the development of its Web3 wallet, which now receives yet another beta version. Also read: CEL token plummets 12% with Celsius CEO resignation Also read: USDT makes Polkadot rise and analysts project DOT future
