Robinhood, a stock trading and investment platform located in the United States, has announced the development of a non-custodial wallet that would give its consumers complete control over their cryptocurrency in Web 3.
According to Robinhood, this new multichain Web 3 wallet will be available as a separate app. Customers will be able to keep the keys to their own cryptocurrency and use decentralized apps (dApps) to trade and swap cryptocurrency with no network costs, store non-fungible tokens (NFTs) and connect to NFT markets, receive a yield on their assets, and access a range of crypto assets.
“At Robinhood, we think that cryptocurrency is more than simply a commodity. By providing the same low cost and great design that people have come to expect from Robinhood, our Web 3 wallet will make it easier for everyone to hold their own keys and experience all of the opportunities that the open financial system has to offer,” said Vlad Tenev, co-founder and CEO of Robinhood, in a press release announcing the new wallet.
For the time being, Robinhood clients can join this non-custodial wallet by joining its waitlist. The wallet’s Beta program will be accessible later this summer, and Robinhood stated that it will be completely implemented by the end of the year.
Over the last several years, Robinhood has worked hard to become the go-to platform for crypto investors, regardless of the area in which they are interested. The project began cryptocurrency trading in 2018, but without the option to transfer tokens to external wallets. In 2021, the project announced intentions to permit external withdrawals, allowing consumers to enter the decentralized finance (DeFi) network via Robinhood.
With its new wallet, the business is expanding its crypto offerings and will compete with current non-custodial wallets. Previously, customers had to move their assets from Robinhood to a wallet like Metamask in order to use DeFi. People will now have greater freedom in terms of crypto involvement inside the Robinhood ecosystem.
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