The famous Robinhood trading firm plans to create a new crypto wallet. This wallet will mainly deal with decentralized finance (DeFi). Robinhood customers who want to be active in the crypto space will be able to do so by the end of 2022.
Vlad Tenev, the CEO of Robinhood spoke briefly about the Web 3 crypto wallet at the Permissionless conference on Tuesday, May 17, 2022.
What’s in it for the Robinhood Wallet Users?
The crypto economy is replete with different ways to earn. However, to access these opportunities, you need a Web 3 wallet. The wallet will enable users to stake and lend crypto assets, farm yields, and even purchase Non-Fungible Tokens (NFTs). The wallet testing will begin this summer. If you would like to be a participant, the waitlist is now open.
Robinhood hopes to offer stiff competition to Coinbase, the largest crypto trading exchange in the United States. The wallet will allow users to hold crypto assets that are not currently provided on Robinhood. The team has, however, not announced on which chain the Web 3 wallet will be launched.
According to Robinhood, the wallet won’t charge network fees. They further explain the product will mainly rely on the competition among third-party liquidy providers for customer transactions. This will offset the notorious network fees.
Vlad notes that “Whenever people think crypto is over, people build new products.”
Robinhood became one of the top companies on the CNBC Disruptor 50 list in 2021. It seems they aim to remain at the top even this year. Additionally, Robinhood has made steps to make the platform as user-centric as possible, even to the point of extending stock trading hours.
Coinbase’s CEO, Brian Armstrong in a tweet said that their self-custodial wallet was among one of the most downloaded in the USA. Robinhood, which grew to fame in the crypto world after the GameStop saga, aims to change this narrative. We shall keep a close eye on this rivalry.