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By granting cryptocurrency users self-custody, or complete control over their assets, and enabling seamless access to the decentralized web, this connection will allow Robinhood to build on its success in the stock markets.

Robin Hood teams up with Polygon to release its brand new Web3 Wallet

Polygon has been selected by Robinhood as the initial blockchain network to support its recently released Web3 wallet. Out of the over a million people who joined the queue in May, 10,000 iOS users now have access to the Robinhood Wallet beta.

Millions of American users now have access to decentralized finance (DeFi) thanks to Polygon and Robinhood. Robinhood selected Polygon due to the network's scalability, speed, cheap fees, and rich developer environment in order to power the greatest trading experience possible.

After installing the beta version of the software, users of Robinhood Wallet will be able to exchange tokens, receive cryptocurrency incentives, and connect to decentralized applications (dApps) right away. While doing all of this, there are no network fees.

What is Robin Hood?
Due to its no-fee business strategy and slick, user-friendly trading interface, Robinhood has evolved to become a very well-known brand among tech-savvy investors and new traders since it first disrupted the brokerage market. Fee-free trading used to be the company's primary point of differentiation, but many rivals have already decreased their rates in response. The website makes it simple for users to trade stocks, ETFs, and cryptocurrencies.

Vlad Tenev and Baiju Bhaat, two former Stanford roommates, started Robinhood in 2014. Launched with the goal of lowering entry barriers to the market, the platform immediately became popular among young, tech-savvy traders because of its straightforward design and simple trading interface. With more than 14 million active users and $64 billion in assets managed as of August 1st, 2022, it is evident that the Robinhood brand has found an audience.

The Robin Hood App
The user-friendly, standalone app known as Robinhood Wallet has the straightforward, approachable style that users have come to expect from Robinhood. Being the first blockchain network that Robinhood Wallet supports, they are thrilled to work with Polygon. Polygon was selected in order to give users one of the finest trading experiences possible because of its scalability, speed, affordable network fees, and powerful developer ecosystem.

Customers may now instantly buy Robinhood's native MATIC token on the Robinhood app and transfer it over to their self-custody wallet thanks to Robinhood's recent rollout of support for deposits and withdrawals on the Polygon PoS network. Although Robinhood Wallet is initially only compatible with Polygon, it will eventually support a large number of blockchains.

More than 37,000 dApps are already present on Polygon, including some of the largest Web3 projects like Aave, Uniswap V3, and OpenSea. Companies like Adobe, Bentley Motors, Dolce Gabbana, eBay, Nothing, Reddit, Stripe, Starbucks, and Telefonica have also chosen the carbon-neutral network as their entry point into Web3. This is thanks to Ethereum's recent switch to Proof of Stake, which makes it even more sustainable.

By granting cryptocurrency users self-custody, or complete control over their assets, and enabling seamless access to the decentralized web, this connection will allow Robinhood to build on its success in the stock markets.

Although it is not currently a part of the beta program, viewing NFTs and connecting to NFT marketplaces will be supported once Robinhood Wallet is made available to the general public. Although the wallet's straightforward and comprehensible design draws attention, it will serve as a platform for users to securely store their cryptocurrency holdings.

After downloading the beta version of the program, investors using the Robinhood wallet will be able to conduct cryptocurrency transactions. It will be able to assess digital assets and have quick access to decentralized software (dApps). You may complete all of this without paying any network expenses. One of the networks with the lowest transaction fees is naturally the Polygon Network.

Written By

Petrache Ionut

Sep 27, 2022