Robinhood Launching New Non-Custodial Web3 Crypto Wallet
Categories: Crypto News US
Robinhood Launching New Non-Custodial Web3 Crypto Wallet
Robinhood Building Non-Custodial, Web3 Wallet
Popular trading platform Robinhood announced Tuesday that it is “building a brand new non-custodial, web3 wallet that will allow customers to have total control of their crypto.”
In addition, customers will be able to “trade and swap crypto with no network fees,” “earn yield using their assets,” store non-fungible tokens (NFTs), and connect to NFT marketplaces, Robinhood explained.
Vlad Tenev, co-founder and CEO of Robinhood, commented: “At Robinhood, we believe that crypto is more than just an asset class … Our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”
Last month, Robinhood rolled out its custodial crypto wallets to more than two million customers.
With the upcoming non-custodial wallet launch, Robinhood will compete with the Nasdaq-listed cryptocurrency exchange Coinbase, which also offers a self-custodial wallet.
Coinbase CEO Brian Armstrong tweeted Monday that his company’s non-custodial wallet is now “the most downloaded mobile self-custody wallet in the U.S.” He noted: “And you don’t have to migrate anything over to use it – the same seed phrase can be used across multiple wallets.”
Robinhood recently began its European expansion by acquiring a regulated crypto firm based in the U.K.