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Robinhood Rolls out Beta of Noncustodial MATIC Wallet

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Tue, 27/09/2022 - 15:12
Robinhood Rolls out Beta of Noncustodial MATIC Wallet
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TechCrunch has reported that popular brokerage app Robinhood has released a beta of its new noncustodial wallet with Polygon (MATIC). It will be trialed by 10,000 clients who have been waiting for this since May when this product was first announced.

Adding new noncustodial wallet

According to the company's chief technology officer, who is also in charge of cryptocurrencies on the platform, Mr. Johann Kerbrat, this product will be titled Robinhood Wallet. Besides, it will be the first wallet of the company's available internationally.

Beta users will be able to buy MATIC via the company's main trading app and then send it to the new Robinhood Wallet. It will also enable them to have access to dApps on the Polygon chain, including DeFi platform such as Uniswap, Kyberswap, etc. Metaverse game Decentraland will also be accessible to them.

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Multi-chain and NFTs in plans

Later on, Robinhood intends to create multi-chain support for this wallet to link it not only to Polygon and its MATIC token. The company's crypto product manager, Seong Seog Lee, shared that they want to get user feedback on this wallet first. Robinhood will build a multi-chain if there is high demand from customers for it. Besides, should they decide to go for it after all, Robinhood will also look into NFTs using multi-chain.

Robinhood intends to make a full release of the noncustodial wallet to more than 1 million users who are on the waitlist for as soon as the beta trials are over.

Earlier this year, Robinhood rolled out the first custodial crypto wallet that holds, aside from other coins, meme tokens DOGE and SHIB, as well as Bitcoin, Ethereum and so on.

Beta users will be able to deposit money to their wallets via USDC stablecoin listed a week ago, trade and swap crypto and have access to dApps to make profits by earning yield. Network fees or gas fees will not be charged to clients in order to make their noncustodial wallet different from the likes of Metamask and Coinbase wallet.

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