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.

Leave a Reply

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

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...