- The wallet will be non-custodial, offering users complete control over their digital assets.
- The wallet will have multichain support and will launch as a standalone product.
- Robinhood has launched the waitlist to join the wallet’s beta program.
American financial services company Robinhood is working on a crypto wallet that supports non-fungible tokens (NFTs). The firm announced this news yesterday, noting that the wallet would offer users complete control over their crypto. Additionally, it would provide customers with streamlined access to the web3 ecosystem.
According to the announcement, the new wallet, which is yet to be named, will have multichain support and will launch as a standalone application. However, the wallet will still boast the simple and accessible design Robinhood uses across its interfaces. Robinhood added that the wallet is non-custodial, and users will be able to hold keys for their crypto holdings.
On top of this, they will be able to access decentralized applications (dApps) to trade and swap crypto at zero fees, store NFTs and connect NFT marketplaces, earn yield using their assets, and access a wide range of crypto assets.
Commenting on the wallet, which is a work in progress, Robinhood founder and CEO Vlad Tenev said,
By offering the same low cost and great design that people have come to expect from Robinhood, 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.
Robinhood also launched a waitlist, which interested users can join to get early access to its web3 wallet. The firm revealed that it would invite waitlist customers to join the wallet’s beta program this summer before rolling out the product officially by the end of 2022.
Exposing Robinhood users to the benefits of DeFi
Speaking at the Permissionless Conference in Florida, Tenev said Robinhood believes crypto is more than just an asset class.
He added that decentralized finance (DeFi) has the potential to become the operating system that powers the future of financial services. Tenev pointed out that Robinhood aims to help people experience the full range of possibilities these revolutionary technologies offer.
He further noted,
With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem.
This news comes as the rapid growth of the NFT space continues luring large organizations to dabble in the sector. The latest entry is LinkTree, which announced a new set of features that allow creators to showcase their NFTs and build a community around ownership.
LinkTree said integrating NFT features would offer creators new ways to monetize their craft and curate a digital identity.
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