On September 27, Polygon announced their strategic partnership with Robinhood. Accordingly, the blockchain platform was chosen as the first blockchain network to support the American financial services company’s newly launched Web3 wallet. According to Polygon, the Robinhood Wallet beta is now live for 10,000 iOS customers out of 1+ million who signed up for the waitlist in May.
With this partnership, both Polygon and Robinhood expect to enable millions of U.S. users to have access to decentralized finance (DeFi). Polygon’s network’s scalability, speed, low fees, and robust developer ecosystem are said to be the reasons for Robinhood to Polygon to power their trading experience.
As a result, Robinhood Wallet users will be able to trade and swap tokens, get crypto rewards and connect to decentralized apps (dApps) immediately upon downloading the beta of the app. None of this calls for network fees.
According to Polygon, the wallet’s simple and accessible design will let users safely store their tokens and easily track their blockchain portfolios. When the full version of the mobile app is released to the general public at a later date, it will support a wider variety of assets including non-fungible tokens (NFTs).
To this date, Polygon is already home to more than 37,000 dApps, including some of the biggest projects in Web3 like Aave, Uniswap V3, and OpenSea. The carbon-neutral network, made even more sustainable by Ethereum’s recent shift to Proof of Stake, has also been chosen by companies such as Adobe, Bentley Motors, Dolce Gabbana, eBay, Nothing, Reddit, Stripe, Starbucks and Telefonica as their entry point into Web3.
By granting crypto users self-custody, or complete control over their assets, and enabling seamless access to the decentralized web, this integration will allow Robinhood to expand its success in the stock markets.
“Like we did with the stock market, Robinhood Wallet strips away some of the complexities of Web3 and DeFi to make crypto more accessible to everyone,” said Johann Kerbrat, CTO and GM at Robinhood Crypto.
Since last month, Robinhood’s customers have been able to buy MATIC and USDC tokens on the Robinhood app and easily move them over to their self-custody wallet after Robinhood launched support for deposits and withdrawals on the Polygon PoS chain.
“Robinhood’s non-custodial wallet represents a veritable game-changer for users and a boon for Web3 adoption,” said Hamzah Khan, Head of DeFi and Labs at Polygon. “This is a major step in our mission to make DeFi accessible to all users.”