The no-fee trading platform Robinhood ($HOOD) just released a beta version of its Web3 wallet that lets users swap cryptocurrencies with no network fees and access to the decentralized web.
The standalone non-custodial wallet that for now only supports the Polygon blockchain has been released to 10,000 iOS users who first joined the waitlist in May, Robinhood said Tuesday in a blog post on its website.
Johann Kerbrat, Chief Technology Officer at the company, said the wallet will enable high speeds, gasless swaps, and more security. It will also let users trade over 20 cryptocurrencies supported by decentralized exchange (DEX) aggregator Ox with no fees and earn a yield on their crypto by connecting with decentralized apps (dApps).
Although the beta version of the Robinhood Wallet only supports the Polygon (MATIC) network — a proof-of-stake (PoS) blockchain compatible with Ethereum — the company plans to create a multichain wallet in the future. In the blog, Robinhood called it a “wallet worth the wait.”
The California-based financial services company has been busy this year expanding its crypto services as it tries to make crypto more accessible to people in the same it did with the stock market. In January, Robinhood rolled out its beta version of its crypto wallet and in April it expanded access to two million users.
Also worth noting is that just last week the platform released the stablecoin USDC for traders. According to Kebrat, releasing the stablecoin around the same time as the Web3 wallet was intentional, as the company hopes access to a crypto asset that isn’t volatile will help onboard new users.
The beta version of the wallet will let users perform common tasks such as trading, rewards, storage and DApp-based yield farming of crypto.