Robinhood Chooses Polygon and Not Ethereum for Web3 Wallet

Trading app looks at scalability, speed, fees, and developer ecosystem.

Trading platform Robinhood has just announced the beta of its Web3 wallet. The wallet will first be rolled out to 10,000 waitlisted customers who will participate in a testing phase for the new crypto wallet offering. 

The app is available on the Apple Store and thus only can be used in the Apple ecosystem. The device will give users the ability to trade crypto with zero network fees. Users of the wallet will also be able to connect to other dApps (decentralized applications) and earn yield. 

Johann Kerbrat, the CTO and general manager of Robinhood stated:

“Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone.” 

There are no plans for the beta version to support any trading or holding of NFTs nor will there be any marketplace features or activities as that is all slated for the final version of the wallet and the official rollout.

The decision to choose Polygon was based on scalability, speed, low network fees, and a robust developer ecosystem. The merge did not help with the decision to choose Ethereum as even after the merge there would still be issues with high fees and other issues. Robinhood did however state that the future of the wallet would be to become multichain.

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The beta version of the wallet was launched in January and only allowed 1,000 users to take part in its use with a withdrawal limit set to $2,999. The company went on to tease further development of the web3 wallet in May.

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