With the introduction of the Web3 beta wallet, Robinhood has made it available to the first 10,000 customers in line.
The iOS-only app is said to eliminate network fees while trading cryptocurrencies and provide users the chance to profit from yield via partnerships with other decentralized businesses (dApps). According to Johann Kerbrat, chief technology officer and general manager of Robinhood Crypto, the simplicity of the Robinhood Wallet makes cryptocurrency trading accessible to everyone by disguising the technical complexities of the web3.
Until the final release of the wallet, beta users will not be allowed to trade NFTs or operate in the marketplace. Robinhood cites Polygon’s scalability, speed, low network expenses, and active developer community as reasons for selecting it as their exclusive blockchain partner.
The firm has said its long-term goal is to become a multichain wallet that is compatible with a wide range of different blockchains.
Tardy Rollout of Platform
The beta version of its cryptocurrency wallet was published in January, during the height of the year’s bitcoin bull market. Only the first one thousand clients will be allowed to trade in Bitcoin, Ethereum, and Dogecoin, and withdrawals will be limited to a maximum of $2,999. In May, the company dropped hints that it was working on a Web3 wallet.
Robinhood Crypto Background
With Robinhood Crypto, one can trade cryptocurrencies with confidence and ease.
Robinhood Crypto allows you to buy and sell cryptocurrency without paying any transaction fees.
One may start investing in cryptocurrency with as little as $1. You may purchase or trade fractions of a cryptocurrency.
With a Robinhood Instant account, you may trade cryptocurrencies with instant access to up to $1,000. Your Robinhood Gold account’s immediate access amount is determined by your tier, and any excess cash will be deposited into your account during regular settlement periods.
The company uses state-of-the-art encryption technology to safeguard your cryptocurrency holdings and provides cold storage and theft protection for the vast majority of cryptocurrencies held in custody.