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Thursday, June 1, 2023

Robinhood Launching New Non-Custodial Web3 Crypto Wallet

Robinhood Launching New Non-Custodial Web3 Crypto Wallet – Robinhood, a cryptocurrency trading platform, has released a non-custodial web3 wallet. The company stated that “customers would be able to own the keys to their own crypto.” Robinhood, a popular trading site, stated on Tuesday that it is “developing a fresh new non-custodial, web3 wallet that would give clients total control over their crypto.”

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Here are the details of the announcement:

“This new web3 wallet will be available as a standalone app. Customers will have access to their own crypto keys.”

Customers will also be able to “trade and swap crypto with no network costs,” “earn yield with their assets,” “store non-fungible tokens (NFTs),” and “access to NFT marketplaces,” according to Robinhood.

Also Read: Internet Service Company Cloudflare to Run Ethereum Validator Nodes as Part of Its Web3 Focus

“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, co-founder and CEO. Our web3 wallet would make it easy for everyone to manage their own keys and take advantage of all the benefits of the open financial system.”

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Customers can also sign up for Robinhood’s non-custodial wallet waitlist to obtain early access to the company’s new product, according to the statement. 

The firm stated:

“Later this summer, we’ll start inviting waitlist clients to join our Beta program, and by the end of the year, the product will be available to all Robinhood customers.”

More than two million consumers received Robinhood’s custodial crypto wallets last month.  Robinhood will compete with Coinbase, a Nasdaq-listed cryptocurrency exchange that also offers a self-custodial wallet, with its upcoming non-custodial wallet.

Also Read: DOJ Files First Criminal Complaint Against US Citizen Allegedly Using Cryptocurrency to Evade Sanctions

Coinbase CEO Brian Armstrong announced on Monday that his company’s non-custodial wallet had become “the most downloaded mobile self-custody wallet in the United States.” “You don’t have to migrate anything over to use it,” he added, “since the same seed phrase could be used across many wallets.”

Robinhood just launched its European growth by purchasing a regulated cryptocurrency firm in the United Kingdom.

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