Robinhood is building a brand new non-custodial, web3 wallet that will allow customers to have total control of their crypto and seamlessly access the decentralized web and all the opportunity crypto has to offer.
How Will the Novel Roobinhood Wallet Work
The new Robinhood wallet will likely be a Web3 crypto wallet, and the company plans to let its members use it for tokens, DeFi solutions, and even NFTs. Customers will be able to hold the keys for their own crypto and access dapps to:
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Trade and swap crypto with no network fees
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Store NFTs and connect to NFT marketplaces
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Earn yield using their assets
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Access a variety of crypto assets
It will feature a similar design to Robinhood, which simplifies trading functions. Users also won’t have to pay any gas fees on crypto transactions, which is certainly a big thing for those using the Ethereum blockchain and other cryptos that come with very high fees.
The wallet will be similar to rivals such as MetaMask in that users will be able to hold the keys for their own crypto assets. Similar wallets by crypto exchanges Coinbase and Binance put the company in control of the private keys, making them centralized.
“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, co-founder and CEO of Robinhood. “By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”
He added that the product would satisfy the “most advanced DeFi believers” while creating a secure on-ramp for those just starting out in crypto to go deeper into the ecosystem.
Robinhood is planning this new wallet to enter the market by the end of 2022, but users can already get something quite similar from Ambire without waiting for a new release.
The Robinhood move comes in the same week that America’s leading crypto exchange, Coinbase (COIN), unveiled its own DeFi app. On May 17, Coinbase announced that it was introducing Web3 and DeFi functionality within its mobile app.
