Crypto

Robinhood Launches Its Web3 Wallet and Contacts Polygon – Coins.fr

Robinhood is diving into Web3 with the launch of its new wallet. The application is natively compatible with Polygon and opens access to DeFi to new users.

Is this the beginning of the transformation of traditional finance fintechs like Robinhood, Lydia or Revolut? In addition to banking and trading services, these players offer access to digital assets.

However, for these products, these fintech companies rely on closed environments with user wallets under their control. Robinhood initiates a break. The online broker announced on September 27 the launch of a beta version of its Web3 wallet, introduced earlier this year.

Self-storage wallet exclusively at Polygon

The digital wallet is still in the experimental stage and is available to 10,000 iOS users and selected from a waiting list created last May. So with this self-storage (or self-hosted) wallet, Robinhood promises to give power back to its customers.

The standalone application will support Polygon as the first blockchain network, give customers full control over their cryptocurrency, allow them to trade and exchange crypto without network fees, and provide them with seamless access to the decentralized network,” the press release reads.

With this application, the American fintech, which is planning to roll out in Europe, believes that it demonstrates its special approach to cryptography and claims to be a differentiating factor, even a competitive advantage. The stated goal is to “make Robinhood the most trusted and easiest cryptocurrency platform for customers.”

As with the stock market, Robinhood Wallet removes some of the complexities of web3 to make crypto more accessible to everyone,” says Johann Kerbrath, CTO and director of crypto business at Robinhood.

The Robinhood Wallet is currently compatible with the only Polygon network, chosen for its scalability, speed, low fees and community. However, over time, the application may become multi-channel.

No NFT until the final version of the Robinhood wallet

During this beta, early adopters will be able to fund their USDC wallet to trade and exchange cryptocurrency. The firm also promises a connection to DApps, specifically to generate revenue.

However, NFTs are not currently supported. Robinhood indicates that browsing these tokens and connecting to marketplaces will be integrated when the wallet is open to the public.

In this way, Robinhood paves the way for self-control. After all, it is new users (the app has over 15 million) who can thus access the world of decentralized finance and DApps. Fintech will not be alone in this segment.

Revolut, through its CEO Nick Storonoski, has also expressed intent to pursue a similar strategy. Neobank plans to launch a separate application for self-hosting an Ethereum wallet and even issue its own token.

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