The upcoming Robinhood wallet will give consumers greater control over their crypto than the present one.
Today at the Permission less DeFi conference, Robinhood CEO Vlad Tenev revealed the announcement. A press release was also issued about it. Robinhood is “developing a completely new non-custodial, Web3 wallet,” according to the release, which will provide customers greater direct control over their crypto and access to the decentralised web.
Users will be able to trade and access cryptocurrencies, store NFTs, and receive a return on their crypto holdings. It will have the “same straightforward and accessible design” as the rest of Robinhood’s offerings. According to reports, the service will also cover user gas fees.
The wallet will also handle multi-chain transactions, presumably for Robinhood’s 11 crypto assets.
Since 2018, Robinhood has enabled crypto trading; however it did not let customers to withdraw cryptocurrency unless they first converted it to a monetary balance.
Last month, Robinhood launched its first crypto wallet, which had a queue of 2 million members when it originally opened some months ago. Because the initial wallet was custodial, Robinhood had total control over user cash. It was nonetheless a step forward because it allowed consumers to withdraw cryptocurrency directly.
To read our blog on “Robinhood Opens Crypto Wallets to 2M Clients,” click here.