Robinhood is a millennial trading firm that recently announced its plan to launch a new non-custodial Web 3 wallet that will allow its users to have more control over their digital assets. The multi-chain wallet will be a standalone app and have a similar design as Robinhood to simplify trading functions.
Many are considering this launch to rival established competitors such as MetaMask and Coinbase as users will not be just able to hold their keys for their own crypto assets but also trading and token swaps with no network fees.
Moreover, the Robinhood wallet will offer NFT storage and direct connection with NFT marketplaces, decentralized finance, and Yield Farming and will offer support for digital currencies.
Robinhood Pushing Web 3
Vlad Tenev, the co-founder and CEO of Robinhood, said that the exchange considers cryptos as more than just an asset class and,
“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 further added that the wallet will be curated for the most advanced DeFi believers and will create a secure on-ramp for the beginners willing to dive deep. The exchange will also cover the network fees making token swapping cheaper even during peak network demands.
The wallet will be listed for early access this summer in its Beta program and will be made available to everyone by the end of the year. One of the most exciting features to look out for is the ability to purchase and store NFTs directly using the wallet, which would be a game-changer for all enthusiasts.
Robinhood’s digital wallet will rival the likes of Coinbase but with some unique features. While Coinbase’s Web 3 wallet is integrated, Robinhood’s is not and will specifically cater to the users who seek advanced use cases in the DeFi. The wallet will be the brother to Web 3 and will act as the last missing piece to access the Web 3 space for the masses.