Robinhood will release a standalone app (Robinhood Wallet) that will allow users to store their own cryptocurrencies and NFTs, competing them against Coinbase. The rollout will start at the end of the summer. The company’s goal is to have the wallet available to all users across the globe by the end of 2022. On May 17, Robinhood announced its new non-custodial, Web3 wallet that will allow customers to have more control over their digital assets.
It will also provide no-network-fee trading and token swaps, nonfungible token (NFT) storage and connection to NFT marketplaces, decentralised finance (DeFi) yield farming, and a wide range of supported cryptocurrencies.
Since the end of Q1, Robinhood has been aggressively expanding its crypto division in order to attract new customers and increase trading volume. The exchange has recently launched custodial crypto wallets for its users, listed four new coins, including Solana and Shiba Inu, and announced that it will interface with the Bitcoin Lightning Network to facilitate faster, lower-fee transactions.
The trading and investment firm announced on Tuesday that customers will be able to store and manage their own cryptocurrencies and NFTs in a separate app. It’s Robinhood’s latest step into the digital asset industry as it looks to expand beyond stock trading. Since its IPO, the company’s stock has dropped by more than 70%.
Currently user can get added in robinhood wallet waitlist
|Robinhood Wallet Release Date||End of 2022|
|Robinhood Wallet Waitlist Link||Click Here|
|Service Type||Web 3 Wallet|
Robinhood Wallet Will Be Competing Against Metamask & Coinbase
With the new app, Robinhood will compete directly with Coinbase and start-ups like MetaMask. In a tweet on Monday, Coinbase CEO Brian Armstrong referred to his company’s product as the most downloaded mobile self-custody wallet in the United States.
The app will allow users to hold non-fungible tokens and connect to “decentralised” stock exchanges and NFT marketplaces. According to Robinhood, consumers will be able to earn yield on other platforms and access a “variety” of crypto assets on other exchanges.
In an interview with TechCrunch, Robinhood CTO Johann Kerbrat said that 22 million customers use its crypto products today. With a custodial wallet, Robinhood holds a user’s private key on their behalf, allowing them to track cryptocurrency price movements but not directly transact with their crypto funds.
Users will be able to access and manage their own digital assets, including cryptocurrencies and decentralised apps (dApps), including NFTs, now that the company has launched a non-custodial wallet, according to Kerbrat. The user-friendly design and no-fee setup for customers are two key areas of differentiation for Robinhood’s non-custodial wallet, which Kerbrat claims will support multiple blockchains.
Robinhood is best known for its equities trading platform, which rose to prominence during the 2021 meme stock trading frenzy. During the booming market last year, the firm also did well with cryptocurrency trading.
The Robinhood move comes in the same week that Coinbase (COIN), America’s leading crypto exchange, launched its own DeFi app. On May 17, Coinbase announced the addition of Web3 and DeFi functionality to its mobile app.
The new service will initially be available to a small number of users. It will make Ethereum-based (ETH) Web3 applications available within the mobile app. NFT marketplaces such as OpenSea, trading on decentralised exchanges such as Uniswap (UNI), and borrowing, lending, or swapping via DeFi platforms such as Compound (COMP) and Curve DAO (CRV).
Robinhood has been adding more cryptocurrency products and features in an effort to boost revenue and user growth, and in late March it added extended stock trading hours. In April, it released an earlier version of crypto wallets to customers, which will remain available within the core Robinhood app.
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