After unveiling the tool in May, Robinhood is now distributing a test version of its non-custodial cryptocurrency wallet to 10,000 users on its waiting list, according to Johann Kerbrat, the company’s CTO and general manager of cryptocurrency. The firm’s debut app to be made accessible outside of the United States is known as Robinhood Wallet, according to Kerbrat.
In tandem with the beta launch, the business unveiled fresh information about the product. Most importantly, Polygon, a well-known layer-two network connecting to ETH and making the system quicker and more affordable, will be the sole blockchain supported at launch.
By simplifying some of web3’s difficulties, Robinhood Wallet increases everybody’s accessibility to cryptocurrency. The final release of the wallet will enable NFT trading and market operations; the beta version will still not.
As a result, Robinhood Wallet customers who are enrolled in the beta would be able to buy the Polygon MATIC token on the company’s main trading application and transmit it there.
In addition, they will still have immediate access to DeFi applications like Uniswap, Balancer, and Kyberswap and multiverse games like Decentraland, mostly on the Polygon network.
Seong Seog Lee, the product manager for the Robinhood cryptocurrency platform, said that the team finally wants to expand multichain functionality for the wallet outside the Polygon community.
Becoming a multichain involves two to three big decisions. The first is that they want to release the first wallet and gauge customer reaction to it. If many users want multichain, they will continue to prioritize this request.
The second factor that will encourage them to adopt multichain is if they believe doing so would provide them with better, more fluid decentralized trading. The third is that multi-chain could be a fantastic approach to accomplish that aim as they investigate use cases like NFTs.
When the beta is over, by the end of 2022, Robinhood will fully roll out all the non-custodial wallets for the 1 million+ customers waiting. This year, Robinhood began rolling out a custodial cryptocurrency wallet to its customers.
Clients of the beta version will be able to link to decentralized applications to earn yields, trade or swap cryptocurrencies, and fill their wallets with USDC stablecoin tokens.
However, these features won’t be accessible only until Robinhood Wallet’s general release later in the year, along with connection with the NFT market. Furthermore, it will not impose network or gas costs on users of the Robinhood Wallet, setting it apart from other well-known non-custodial wallets like Metamask and Coinbase Wallet. According to Lee, the gasless exchange capability is a crucial step in lessening the resistance for users to begin engaging in on-chain activities.
They wanted to maintain the capabilities of switching from one coin to another, which is possible in a decentralized trading environment. However, they also wanted to make that easier to use on a mobile device.
