10,000iOS users who signed up for the waitlist will be able to use the web3 wallet in the future. This product was teased by the company earlier this year. The Web3 wallet isn't just for storing cryptocurrencies that can be traded on the financial platform, it can also be used to "seamlessly access the Decentralized Web" People will be able to trade Cryptocurrencies without paying any fees.
The Web3 wallet is self-Custody, meaning you have to keep the keys for it secure. If you forget your password, there is nothing Robinhood can do to help.
The wallet won't support viewing NFTs or connecting to NFT marketplaces until the public release. You wouldn't be able to do much with the wallet if you connected it to Open Sea. For the time being, it will only work with the Polygon blockchain. According to DappRadar, there were almost 384,000 OpenSea transactions on the platform in the past week, while there were only 22 transactions on the Polygon chain. Not more than 81 thousand, but just 81. Solana just surpassed it in sales for the first time, though it hasn't been consistently beatingEthereum.
The company says it will add support for otherBlockchains eventually. Currently, alpha users will be able to fund their wallet with theUSDC stable coin, trade cryptocurrencies, and connect to APPS that will allow them to earn yield. You will only be able to use dAPPS built on the Polygon chain. In theory, you could use it with other things as well, but... well, let's be honest, both Robinhood and the broader Web3 community focus mainly on the money side of things, so it's very on brand for yield generating apps
A lot of legal scrutiny has been given to the concept of earning yield, with the SEC ordering BlockFi to pay $100 million in penalties because of its interest accounts. It's not the same thing as saying that you can connect its product to similar apps and offering one of those services.
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