Robinhood Web3 wallet: How to sign up for HOOD’s new non-custodial beta version

Commission-free trading platform Robinhood (HOOD) has launched its Web3 wallet in beta mode to allow its users trade and swap crypto with no network fees.

Robinhood said the move allows its customers to “seamlessly access the decentralised web” as it gives access to 10,000 iOS users who signed up for the waitlist in May.

HOOD

The figure is just 1% of the million people who signed up for the global waitlist, with the trading firm saying its standalone product will be available to all Robinhood customers later this year.

Polygon for “scalability and speed”

Robinhood’s Web3 wallet will launch exclusively via the Polygon (MATIC) blockchain.

MATIC to USD

It will differ from the company’s crypto service launched in April to a waitlist of more than two million users as it moves to a self-custody wallet.

Robinhood said it chose to work with the blockchain due to its scalability, speed and low network fees to provide the best trading experience for its customers. It also said  that more blockchains would be added to its list “eventually”.

Johann Kerbrat, chief technology officer and general manager of Robinhood Crypto, said that the launch marks a “significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers”.

He added: “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of Web3 to make crypto more accessible to everyone.”

NFTs coming soon

Robinhood said it will foray into non-fungible tokens (NFTs) and digital assets once it launches its services to the general public later this year.

“Viewing NFTs and connecting to NFT marketplaces will be supported when Robinhood Wallet is available to the general public, but it is not part of the beta program at this time,” said the company.

Related reading

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