Hood Stock up as Firm Launches Beta WEB3 Wallet for 10,000 Users

Hood Stock

Hood stock was at $9.41 as of 12:18 PM EDT.

Brokerage and trading platform Robinhood Markets (NASDAQ:HOOD) is accelerating its push into digital assets with a new wallet that lets customers trade cryptocurrencies without network fees.

Robinhood (HOOD) rolled out its Robinhood Wallet beta to the first 10,000 customers on its one-million-person waitlist. The self-custody wallet will allow users to store their digital assets and engage in DeFi and other “Web3” applications. Robinhood Markets (NASDAQ:HOOD) has launched the beta version of its Polygon-based web3 wallet, which eliminates network fees.

The Robinhood Wallet, a standalone app that will support Polygon (MATIC-USD) as its first blockchain network, was released in May to 10,000 waitlisted users. The company says over 1 million people are on the waiting list. Beta users can earn crypto rewards and connect to decentralized apps to earn yield. Viewing and connecting to non-fungible token marketplaces is not part of the beta program.

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Robinhood (HOOD) wants to deepen its involvement in crypto through product launches to make it “more accessible to everyone,” said Johann Kerbrat, CTO and GM of Robinhood Crypto. In January, the zero-fee trading platform Robinhood (NASDAQ:HOOD) began rolling out its crypto Wallet beta to 10,000 customers. On Sep. 20, Robinhood added USDC stablecoin to crypto offerings.

Hood stock outlook

Robinhood Markets went public at $38 per share last July and closed at $70.39 a week later. In the past year, investors worried about the company’s slow growth, steep losses, and regulatory challenges. One of Robinhood’s main regulatory headwinds — a potential SEC ban on PFOF trades — may be dissipating. According to media reports, the SEC won’t ban PFOF trades but could limit their profitability.

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