Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users

Robinhood has been steadily moving away from its original “walled garden” approach to crypto over the past year.

By Cam Thompson

Sep 27, 2022 at 1:00 p.m. UTC

Updated Sep 27, 2022 at 5:59 p.m. UTC

Cam Thompson

Cam Thompson is a news reporter at CoinDesk.

Follow @camlearnscrypto on Twitter

No-fee trading platform Robinhood (HOOD) is releasing the beta version of its Web3 wallet, allowing users to swap assets on its non-custodial wallet, the company said Tuesday.

Named the Robinhood Wallet, the Polygon-based wallet is opening its doors to the first 10,000 users who signed up for the testing period in May ahead of its public release.

Chief Technology Office Johann Kerbrat told CoinDesk the wallet will allow users to trade over 20 cryptocurrencies supported by decentralized exchange (DEX) aggregator 0x, without fees. The wallet will also allow users to connect to dapps and earn yield on assets.

Robinhood has been steadily making advances in bolstering its crypto products and moving away from its original “walled garden” approach over the past year. In May, it opened its waitlist for the Web3 wallet’s beta, a month after it released its first crypto wallet to two million users.

Ahead of the wallet’s beta release, Robinhood listed USDC last week for traders. Kebrat said that part of the reason behind the listing was to coincide with the wallet’s release, since it will help onboard new users by offering a token that’s easier to trade without fears about volatility.

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