Robinhood Releases Beta Version of Web3 Wallet

Robinhood has released a beta version of its Web3 wallet called Robinhood Wallet that will enable users to control their cryptocurrency, trade and swap crypto with no network fees and access the decentralized web.

The company has started sending invitations to the new Robinhood Wallet beta to 10,000 customers who had joined a waitlist, Robinhood said Tuesday (Sept. 27) in a blog post on its website.

“Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers,” Chief Technology Officer and General Manager of Robinhood Crypto Johann Kerbrat said in the blog post. “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of [Web3] to make crypto more accessible to everyone.”

During the beta, participants will be able to use the standalone app to fund their wallet with USDC, trade and swap crypto, earn crypto rewards, store and track their blockchain portfolio and connect to decentralized apps, according to the press release.

When the app is released to the general public, it will also support viewing non-fungible tokens (NFTs) and connecting to NFT marketplaces, the release stated.

Robinhood Wallet is launching exclusively with the Polygon blockchain network, but will eventually support many blockchains, per the release.

Robinhood announced in May that it would debut its own noncustodial wallet to work with Web3 and let customers have “total control” of their crypto.

Read more: Robinhood to Launch Standalone Noncustodial Web3 Wallet

As PYMNTS reported at the time, the new standalone app was to come with a design similar to the one people know from Robinhood’s main app.

“By offering the same low cost and great design that people have come to expect from Robinhood, our Web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer,” Robinhood Co-Founder and CEO Vlad Tenev said at the time in a blog.