Robinhood, a trading platform, has announced it is going to launch a non-custodial, Web3 crypto wallet to allow customers to hold keys for their own assets.
Robinhood Creating a Non-Custodial, Web3 Wallet
Last week, the popular trading platform Robinhood reported that it is developing a new non-custodial web3 wallet to give customers greater control over their crypto assets.
“This New, multi-chain, web3 wallet will launch as a standalone app … customers will be able to hold keys for their own cryptocurrencies,” read the statement from Robinhood.
Furthermore, Robinhood explained that the wallet would allow customers to swap and trade without incurring network fees, earn yields from the assets they hold, connect to non-fungible marketplaces, and store their NFTs.
Vlad Tenev, the CEO and co-founder of Robinhood, explained that “they believe that cryptos are more than asset classes and the web3 wallet would make it easier for all customers to store their keys and enjoy all the experiences provided by an open financial system.
According to the announcement, customers can sign up for the non-custodial wallet right away, waiting for the product development to be completed. “We’ll begin inviting waitlist customers to join our beta program later this summer and make the product generally available to all Robinhood customers by the close of the year.
Last month, Robinhood launched its custodial wallet to its more than two million clients. Now, the upcoming launch of a non-custodial wallet will help Robinson to compete with Coinbase, a NASDAQ-listed crypto exchange that provides self-custodial wallets.
Brian Armstrong, the CEO of Coinbase, said in a tweet on Monday that their non-custodial wallet is one of the most downloaded self-custody wallets in the United States. “And you don’t have to migrate anything over to use it – the same seed phrase can be used on multiple wallets.
Recently, Robinhood started its European expansion through the acquisition of Ziglu, a regulated crypto firm in the UK.