Robinhood Wallet, a Web3 wallet launched in beta phase in September 2022, has announced support for Ethereum and the Polygon network.

Robinhood Announces Support for Ethereum and Polygon

  • Robinhood Wallet, a Web3 wallet launched in beta in September 2022, has announced support for Ethereum and the Polygon network.
  • Users can earn up to “5 USDC after transferring $10 of crypto from Robinhood Crypto, or 1 USDC after transferring $10 from another wallet or exchange.”
  • The integration of Ethereum and Polygon is now complete, and “no waitlist or invitation code is required.”
  • The platform now also supports Ethereum and 50+ ERC tokens and offers the ability to transfer tokens like COMP, MATIC, SHIB, SOL, UNI, USDC, and many more.

Popular crypto and stock trading platform, Robinhood Markets, has announced support for Ethereum and the Polygon network in an attempt to increase its crypto exposure and on-board more users on the platform amid a bearish crypto market. It is crucial to note that since the 2021 bull run in the crypto market, the Nasdaq-listed company has listed several cryptocurrencies along with stocks. 

As per the announcement from a blog, “Robinhood Wallet has officially rolled out to all iOS users on the waitlist of more than 1 million and it is now available globally via the Apple App store where it has already been downloaded in more than 130 countries.” 

The company further confirmed that for a limited time, “users can kick start their new Robinhood Wallet and earn up to 5 USDC after transferring $10 of crypto from Robinhood Crypto, or 1 USDC after transferring $10 from another wallet or exchange.” It is also crucial to note that the integration of Ethereum and Polygon is now complete and “no waitlist or invitation code is required.”

“The feedback we’ve received for Robinhood Wallet since first launching in beta has been extremely positive,” said Johann Kerbrat, GM of Robinhood Crypto while adding, “Users have told us they love how accessible and easy to use the app is, and that they really enjoy the ability to self-custody their digital assets and swap with no network fees on Polygon.” 

Kerbrat confirmed that the users of the trading platform stated that “they want access to more coins on more chains.” This is the reason why Robinhood quickly added support for Ethereum.

“While we recognize it’s been a tumultuous few months in the crypto space, we remain committed to our mission to make Robinhood the most trusted, lowest cost, and easiest to use on-ramp to crypto,” Kerbrat further added. 

Robinhood Wallet, a multi-chain, self-custody, Web3 wallet, was launched in the beta phase in September 2022 and since then, has gone through several notable changes. Interestingly, along with Polygon, the wallet now also supports Ethereum and 50+ ERC tokens, and offers the ability to transfer tokens like COMP, MATIC, SHIB, SOL, UNI, USDC, and many more. Support for non-fungible tokens (NFTs) has also been added.

The announcement also confirmed that the users of Robinhood can also swap crypto and tokens with no network fees on Polygon and explore Web3 and DeFi by connecting with their favorite decentralized applications. The support for iOS users is now live, but the support for Android users will follow later this year. The plan in the coming months is to launch a Web3 browser, add support for other coins, and expand the in-app rewards program.

As reported earlier by Bitnation, Robinhood sold a significant stake to the founder of bankrupt crypto exchange FTX, Sam Bankman-Fried, also known as SBF in the crypto space. Now, the board of directors of the company has decided to purchase all the HOOD shares that were sold to the disgraced crypto entrepreneur.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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