Robinhood, a stock exchange platform, recently announced its plans to create a whole new virtual Web3 wallet. Users would be able to store and link their NFTs for the first time with this wallet.
If users utilize the latest non-custodial "Robinhood 3" wallet that the firm announced on Tuesday, they would be able to hold the keys to their cryptocurrency, receive interest, sell or swap cryptocurrency, notably NFTs, and do so without incurring network charges.
The news was released in a press release and the corporation also stated that it will no longer impose transaction fees.
Vlad Tenev, co-founder and CEO of Robinhood, mentioned during his presentation at Blockwork's Permissionless event yesterday in West Palm Beach, Florida, that the primary objective was to systemize the occasionally glitchy and complicated architecture that is existent in decentralized banking, Web3, and non-custodial wallets.
"There needs to be a solution to get all of the safety and confidentiality advantages of self-management with the low-cost simplicity and mobile-first layout that you're used to with TradFi offerings," Tenev said before showing a live audience a marketing video of Robinhood's wallet.
This is a huge step forward for the trading platform, which traditionally only permitted users to buy and keep crypto assets within their own Robinhood wallets.
The new feature represents a huge advancement for the service. Due to the growing popularity of digital currencies, the app announced in February 2021 that it was contemplating allowing trades on other platforms.
In the end, Robinhood succumbed to public pressure and published a beta variant of its first digital wallet in September. In January, the first 1,000 consumers were given access to this wallet. After a long period of waiting, that figure has just risen to two million people.
Clients can only keep bitcoin, bitcoin SV, bitcoin cash, litecoin, ether, ether classic, and dogecoin in the wallet right now, its current capabilities are confined to these seven items.
"At Robinhood, we think that bitcoin is more than just an investment type," Tenev said in a news statement. "Thanks to our Web3 wallet, anyone will be able to keep their credentials and take advantage of all the benefits that the open banking network has to offer."
The current edition of the app's Web3 wallet, like that of the app's initial crypto wallet, will be made accessible to a selected group of users who have registered for a waitlist and will partake in the Beta test at the start of the summer.
