Robinhood Introducing New Web3 Crypto Wallet

Trading platform Robinhood is introducing a non-custodial, web3 cryptocurrency Wallet. “Customers are ready to hold the keys for his or her own crypto,” the corporate same.

Robinhood Building Non-Custodial, Web3 Wallet

Popular commerce platform Robinhood declared weekday that it’s “building a fresh non-custodial, web3 pocketbook that may enable customers to own total management of their crypto.”

The announcement details:

This new, multichain, web3 wallet can launch as a standalone app … Customers are ready to hold the keys for his or her own crypto.

In addition, customers are ready to “trade and swap crypto with no network fees,” “earn yield using their assets,” store non-fungible tokens (NFTs), and connect with NFT marketplaces, Robinhood explained.

Vlad Tenev, co-founder and CEO of Robinhood, commented: “At Robinhood, we have a tendency to believe that crypto is quite simply an asset category … Our web3 wallet can make it easier for everybody to carry their own keys and knowledge of all the opportunities that the open financial set-up should provide.”

The announcement notes that customers will sign in for Robinhood’s non-custodial wallet waitlist to urge early access to the company’s new product. the corporate said:

We’ll begin inviting waitlist customers to join our Beta program later this summer and build the product generally available on the market to any or all Robinhood customers by the end of the year.

Last month, Robinhood extended its custodial crypto wallets to quite 2 million customers.

With the forthcoming non-custodial wallet launch, Robinhood can vie with the Nasdaq-listed cryptocurrency exchange Coinbase, that additionally offers a self-custodial wallet.

Coinbase CEO Brian Armstrong tweeted Monday that his company’s non-custodial wallet is currently “the most downloaded mobile self-custody wallet within the U.S.” He noted: “And you don’t got to migrate something over to use it – an equivalent seed phrase may be used across multiple wallets.”

Robinhood recently began its European enlargement by acquiring a crypto firm primarily based within the U.K.