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The beta version of the Robinhood Web3 Wallet went live in September 2022 after thousands of customers clamored to join the waitlist over prior months. It should be noted that only a beta version is available to some participating customers, and there are more than 1 million people on the waitlist for when the Robinhood Wallet goes 100% public.
Pros- Mobile-friendly interface
- Easy to use
- Good security features
Cons
- No direct staking capabilities
- No NFT storage
What Is Robinhood Wallet?
Robinhood Wallet is a crypto wallet offered by the Robinhood trading platform. Itโs currently in beta mode. But for those customers testing out the Robinhood Web3 Wallet, itโs a seamless way to trade and swap crypto with no network fees.
Because the wallet is supported by the Polygon (MATIC) network, customers can easily transfer their MATIC tokens over to Robinhoodโs wallet.
Robinhood Wallet Advantages
So letโs start with a little background. Robinhood made its name with an easy-to-use stock trading platform. This ease of use translates to its crypto wallet.
There are several benefits of the Robinhood Wallet. For one, users arenโt charged transfer fees.
Customers can choose either a face/touch ID or a pin, as well as a secret passphrase or seed phrase, to help keep their crypto secure.
Robinhood Wallet Disadvantages
Now to the downsides. Robinhoodโs Wallet only supports swapping tokens that are compatible with Polygon and 0x API. Tokens you own on other networks may not be accessible in Robinhood Wallet. For example, if you import an Ethereum wallet with your stash of ETH, you wonโt be able to view or transact with your ETH using the Robinhood Wallet. You still own your ETH, itโs just not accessible via the Robinhood Wallet.
According to Robinhood, โWhile Robinhood Wallet beta launched exclusively with Polygon, it will eventually be a multichain wallet that supports a wide number of blockchains.โ