Crypto and inventory buying and selling platform Robinhood introduced the launch of Robinhood Pockets, a self-custody, Web3 pockets, with Polygon (MATIC) as its first supported blockchain.
Robinhood launched the beta model of its Web3 pockets on iOS. It’s being made accessible to the primary 10,000 customers who joined the waitlist in Might 2022. Hosted first over the Polygon blockchain, Robinhood Pockets permits customers to commerce and swap cryptocurrencies with no community charges.
Sharing his ideas on the crypto pockets’s launch, Johann Kerbrat, chief know-how officer of Robinhood Crypto, Robinhood’s crypto buying and selling platform stated:
“Like we did with the inventory market, Robinhood Pockets strips away a number of the complexities of web3 and DeFi to make crypto extra accessible to everybody.”
For Robinhood, Polygon, as a blockchain community of alternative, moreover presents scalability, pace, low community charges and a sturdy developer ecosystem. Robinhood’s symbiotic relationship with Polygon dates again to August 2022, when the platform added assist for MATIC withdrawals and deposits on the Polygon proof-of-stake (PoS) chain.
Nevertheless, Robinhood Pockets’s roadmap contains extending compatibility with different blockchains as nicely. The beta launch will permit customers to carry out widespread duties comparable to buying and selling, rewards, storage and DApp-based yield farming of cryptocurrencies.
Future iterations of the pockets will embody assist for the nonfungible token (NFT) market. Robinhood revealed that over 1 million customers have signed up for the waitlist.
Associated: Polygon CSO blames Web2 safety gaps for current spate of hacks
A report from June 2022 instructed that cryptocurrency derivatives alternate FTX is eyeing the acquisition of Robinhood.
Though the choice about an official takeover just isn’t finalized, Bloomberg’s contact clarified that the dialogue was purely inner and that the alternate has not but approached Robinhood with a buyout proposal.
“We’re enthusiastic about Robinhood’s enterprise prospects and potential methods we might associate with them. […] That being stated, there are not any energetic M&A conversations with Robinhood,” confirmed FTX CEO Sam Bankman-Fried.
