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.”
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.