Stock and crypto investing app Robinhood has introduced a standalone self-custody cryptocurrency wallet – dubbed the Robinhood Wallet – in collaboration with Ethereum-scaling platform Polygon.
The wallet supports Polygon as its first blockchain network. It gives customers total control of their crypto, allowing them to trade and swap crypto with no network fees, as well as access the decentralised web.
Johann Kerbrat, chief technology officer at Robinhood Crypto, said: “Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers. 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.
“We’re excited to work with Polygon as the first blockchain network Robinhood Wallet supports. We chose Polygon due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for customers. Robinhood also recently rolled out support for deposits and withdrawals on Polygon PoS network so that customers can purchase its native MATIC token on the Robinhood app and seamlessly transfer it over to their self-custody wallet.”
Currently, users can trade and swap crypto with no network fees, earn crypto rewards, safely store and track your blockchain portfolio and connect to decentralised apps (dapps) to earn yield. It is available to 10,000 iOS customers who joined a waitlist back in May. Viewing NFTs and connecting to NFT marketplaces will be supported when the wallet is available to the general public.
While the wallet is launching exclusively with Polygon, it will eventually be a multichain wallet that supports a wide number of blockchains.
Revolut gets green crypto light
Meanwhile, in the UK, Revolut has been granted full regulatory approval to conduct crypto trading activities in the UK. It has been added to the Financial Conduct Authority’s (FCA) register of firms approved to facilitate the trading of cryptoassets.
The registration with the FCA lets Revolut continue operating a UK-based digital assets business including trading and offering custody of crypto assets.