Robinhood Announces Non-Custodial Web3 Crypto Wallet Robinhood Announces Non-Custodial Web3 Crypto Wallet
Robinhood Web3 logo

Robinhood Announces Non-Custodial Web3 Crypto Wallet

After finally rolling out a crypto wallets feature in their trading app and recently listing four additional assets, Robinhood plans to double down on cryptocurrency once again. In a blog post, the company announced that it was developing a non-custodial, web3 wallet. Once launched, this wallet will give users greater total control of their crypto as well as provide access to other decentralized web features.

Most notably, while this offering will feature “the same simple and accessible design that people have come to expect from Robinhood,” it will be a standalone app. With this application, users will be able to trade and swap crypto without network fees, store NFTs as well as connect to NFT marketplaces, earn yield with their assets, and more. According to TechCrunch, the company has yet to settle on an official name for the new app.

Currently, those interested in the upcoming product can join Robinhood’s waitlist. According to the company, select current customers will be invited to participate in a beta test of the platform starting later this summer. It is expected that the app will be generally available by year’s end.

In a statement about the incoming product, Robinhood co-founder and CEO Vlad Tenev said, “At Robinhood, we believe that crypto is more than just an asset class. 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.”

https://www.youtube.com/watch?v=Kv_J880-CGc

Outside of the realm of crypto, Robinhood has made a few other notable announcements in recent weeks. In March, the FinTech announced that it was rolling out a new debit card called the Robinhood Cash Card. Meanwhile, although the arrival of Cash Card meant the phasing out of the former Cash Management offering, Robinhood has raised the interest rate to 1% APY for its cash sweeps program — which applies to uninvested cash in users’ brokerage account, provided they opt-into the service. Plus, earlier this month, the platform revealed that it’d be rolling out a stock lending feature in the near future.

If it wasn’t already clear, Robinhood sees cryptocurrency as its path toward future growth and revenue. Unfortunately, the crypto market has been tumultuous as of late, while Robinhood’s stock has continued to slump as well. Nevertheless, this offshoot-app could prove to be an interesting product if executed well. With the company only stating that the offering would be coming “later this year,” it seems they do intend to take their time — perhaps learning from some past missteps. In any case, this is a project that will definitely demand attention as it develops.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....