The brand-new wallet will be different from the business's recently-released custodial wallet.
Key Takeaways
- Robinhood has actually revealed a non-custodial cryptocurrency wallet that will be provided together with its present wallet.
- The brand-new wallet will offer assistance for cryptocurrency, NFTs, and yield-earning along with multi-chain assistance.
- Robinhood strategies to start presenting the wallet by late summertime and make it offered around the world by year-end.
Retail trading service Robinhood has actually revealed that it will launch a non-custodial cryptocurrency wallet.
Robinhood Will Offer Web3 Wallet
Robinhood's next wallet will provide users more hands-on control over their crypto than its existing offering.
Robinhood CEO Vlad Tenev revealed the news at the Permissionless DeFi conference today. It was likewise detailed in a news release That statement suggests that Robinhood is "constructing a brand name brand-new non-custodial, Web3 wallet" that will offer users more direct control over their crypto and access to the decentralized web.
More particularly, it will enable users to trade and gain access to cryptocurrency, shop NFTs, and make yield on crypto holdings. It will likewise use the "exact same basic and available style" as Robinhood's other services. It has likewise been reported that the service will cover user gas costs.
The wallet will likewise consist of multi-chain assistance-- most likely for the 11 crypto properties that Robinhood supports.
Robinhood Slowly Rolled Out Crypto Support
Robinhood has actually supported crypto trading considering that 2018, however it did not at first enable users to withdraw crypto from the service unless they transformed it to a financial balance.
Robinhood launched its very first crypto wallet last month; 2 million users signed up with the wallet's waitlist when it was opened a number of months previously. That very first wallet was custodial, indicating that Robinhood eventually had control of user funds. It however represented an advance as it permitted users to withdraw crypto straight.
The brand-new wallet will likewise be waitlisted prior to its launch. Robinhood intends to start presenting the wallet by the end of the summer season and will make it readily available internationally by the end of 2022.
Offering 2 different wallets is unusual however not unprecedented: the crypto exchange Coinbase, for instance, uses a non-custodial wallet in addition to its custodial or on-exchange crypto wallet.
Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and other cryptocurrencies
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