Robinhood Web3 Wallet Goes Live On Polygon

Beta Version Allows Gasless Swaps on Layer 2 Blockchain

In a move that could boost web3 adoption at a time of mounting doubts, Robinhood, the popular stock trading app, launched a beta version of its non-custodial wallet on the Polygon network on Sept. 27.

The first 10,000 iOS customers who signed up to join the Robinhood Wallet waitlist in May can now use the application. 

Gasless Swaps

The wallet allows gasless swaps, meaning users do not have to pay network fees when exchanging crypto assets. Wallet users can also connect to Polygon-based web3 dApps and earn in-app crypto rewards.

Polygon is a smart contract network with a total value locked of $1.3B, according to DeFi Llama. Its network token, MATIC, has a $5B market cap.

Robinhood said more than 1M people are on the waitlist for its wallet.

Hamzah Kahn, Polygon’s head of DeFi, described Robinhood Wallet as a boon for web3 adoption. “This is a major step in our mission to make DeFi accessible to all users,” he said.

Johann Kerbrat, Robinhood’s crypto general manager, said Robinhood chose Polygon’s PoS chain as its first supported network due to its speed, low fees, and rich developer ecosystem. 

Polygon Deposits

The Robinhood app enabled support for Polygon deposits and withdrawals on Aug. 31, paving the way for users to purchase MATIC or the USDC stablecoin and transfer them from the app to Robinhood Wallet.

Kerbrat said Robinhood Wallet will support additional chains in the future, and tweeted that the wallet will become available to the general public later this year. Features allowing Robinhood Wallet to view NFTs and connect to NFT marketplaces will go live alongside the general launch.

Stock Swoon

Robinhood is hoping its crypto pivot will enable new growth opportunities and turn around the performance of its stock. HOOD shares surged to $55 each shortly after its public listing last August, but have since plummeted by 82.5%, according to Google.

The brutal retracement came as many tech and growth stocks posted violent drawdowns over the past year, with Meta down 64%, Netflix down 67.5%, and Snapchat tumbling 87% since posting local highs late last year.