Trading app Robinhood Markets Inc. has finally rolled out a noncustodial crypto wallet to 10,000 beta users on its wait list, the company announced on Tuesday morning. The product, called Robinhood Wallet, was initially announced in May by CEO Vlad Tenev.
The wallet will work with Polygon as the first blockchain network, which is a layer-two blockchain that uses Ethereum. Polygon was chosen “due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences,“ according to a blog post by the company on Tuesday morning.
Users will not be charged with a network fee for transactions, unlike other noncustodial wallets on the market like MetaMask and Coinbase Wallet.
During the beta launch, users will be able to trade and swap crypto, earn crypto rewards, and store and track their blockchain portfolios. Viewing nonfungible tokens and connecting to NFT marketplaces isn’t available yet, but will be when the wallet is widely available to the general public, the blog post says. Robinhood is also planning to make it a multichain wallet that supports a larger number of blockchains.
Robinhood currently has 14 million active monthly users, a 1.9 million decrease from the quarter prior, according to its latest earnings report of the second quarter of 2022. Robinhood shares were up 2.5% on Tuesday. The share price has fallen nearly 47% in the year to date.