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Robinhood Will Develop Web3 Wallet to Capture NFT Hype

Robinhood Will Develop Web3 Wallet to Capture NFT Hype

Following the launching of its crypto wallet, Robinhood revealed intentions to produce a Web3 wallet with upgraded NFT functionalities.

Robinhood, a service for online stock trading, revealed intentions to establish a new digital Web3 wallet that would enable consumers to store and connect NFTs for the first time.

The platform said in a press release on Tuesday that its new non-custodial “Robinhood 3” wallet would allow users to maintain the keys to their own cryptocurrencies, earn yield, and trade or swap cryptocurrencies, including NFTs (non-fungible tokens), without incurring network fees. According to the firm, transaction fees would be removed as well.

Tuesday at Blockwork’s Permissionless event in West Palm Beach, Florida, Robinhood co-founder and CEO Vlad Tenev said that the objective was to simplify the “clumsy” and “cumbersome” architecture of decentralized banking, Web3, and non-custodial wallets.

Before displaying a live audience a promotional film for Robinhood’s wallet, Tenev said, “There must be a way to combine the security and privacy benefits of self custody with the low-cost simplicity and mobile-first design you’re used to with TradFi products.”

This is a significant advancement for the trading platform, which previously only allowed users to acquire and store cryptoassets in their own trading accounts. Due to rising interest in cryptocurrencies, the app showed interest in enabling transactions outside of its platform in February 2021.

In the end, Robinhood submitted to public pressure and released a test version of their first digital wallet in September, which was made accessible to the first 1,000 customers in January. After a protracted wait, the number has just increased to two million.

Currently, the wallet only supports seven assets: bitcoin, bitcoin cash, bitcoin SV, dogecoin, ether, ether classic, and litecoin.

“At Robinhood, we believe that crypto is more than just an asset class,” said Tenev in the release. “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.”

While Tenev’s comment makes it clear that Robinhood’s stance on cryptocurrencies has altered in recent years, no explanation was offered for the company’s two-pronged approach to crypto wallets.

Blockworks attempted to contact Robinhood on this matter, but got no answer prior to publication. As with its first release of its crypto wallet, the app’s newest Web3 wallet will be made available to select users on a waitlist who will join its Beta program in early summer.

Additionally, Robinhood said that it plans to make the product widely available to all of its customers before the end of the year.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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