Robinhood Rolls out Beta of Noncustodial MATIC Wallet
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Robinhood debuts new non-custodial crypto wallet with Polygon to 10K beta users https://t.co/76iY73peFx by @anitaramaswamy
— TechCrunch (@TechCrunch) September 27, 2022
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.
Yuri MolchanMulti-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.
Related articles
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov