Popular crypto trading app Robinhood has announced support for Tezos (XTZ) and Aave (AAVE), meaning users can buy and sell them on any of its platforms. The 18.7 million monthly active users on the trading app would also have the ability to trade Solana, Polygon and Avalanche which were added this year. With the addition of Tezos and Aave, Robinhood now offers a total of 19 assets to trade. Robinhood also listed its first stablecoin last month as a USD coin.
It is important to note that Aave is a decentralized lending protocol while Tezos is a proof-of-stake blockchain network and these two native tokens which are now supported by Robinhood have a market capitalization of over 1 billion. dollars (about Rs. 8,279 crore).
Last month, Robinhood also listed its first stablecoin in the form of USD Coin. The trading app also recently announced that it has launched its Web3 beta wallet and allowed 10,000 waitlisted clients to participate in the testing phase. The project is only available on iOS devices and allows users to trade cryptos without paying network fees. By connecting to other decentralized applications, users can also gain yield.
According to Robinhood CTO and Managing Director, Johann Kerbrat, the wallet makes Web3 more accessible to everyone by removing all possible complexities. Polygon was selected as the exclusive blockchain partner due to its “scalability, speed, low network fees, and robust developer ecosystem.” Robinhood further revealed that it will become a multi-chain wallet and support a large number of blockchains.
“The Polygon network operation provides a solid infrastructure for Robinhood Wallet due to its scalability, speed, low network fees and robust developer ecosystem to deliver one of the best trading experiences to customers. We are thrilled to partner with Polygon for our initial launch and look forward to offering multi-channel support in the future,” said Robinhood Senior Product Communications Manager Oliver McIntosh.
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