Stock trading platform Robinhood announced plans to develop a new Web3 digital wallet that will allow users of the product to store NFTs and also connect them to online markets.
In a press release, the platform said its new non-custodial wallet, Robinhood 3, will allow users to store their own cryptocurrency keys and earn through trading and exchanging cryptocurrency, including NFTs (non-exchangeable tokens), without online fees. There will also be no transaction fees.
Robinhood co-founder and CEO Vlad Tenev, speaking Tuesday at a Permissionless event hosted by Blockwork in West Palm Beach, said the goal is to simplify the often clunky and cumbersome design characteristic of decentralized finance, Web3 and non-custodial wallets.
There has to be a way to get all the security and privacy benefits of self-storage along with the inexpensive simplicity and mobile design you’re used to seeing in TradFi products,” Tenew said before showing a promotional video about the Robinhood wallet to the audience.
This is an important step for the trading app, which previously only allowed users to buy and store crypto assets in their Robinhood trading accounts. In February 2021, the company said it was interested in transfers outside of its platform amid increased interest in cryptocurrency.
Robinhood eventually succumbed to public demand and announced a beta version of its first digital wallet in September. At launch in January, it was only available to 1,000 customers. Since then, the number of people willing to test the app has grown to two million users.
At Robinhood, we believe that cryptocurrency is more than just an asset class,” the press release said. – Thanks to our web3-wallet, everyone will be able to store their own keys seamlessly and take advantage of all the opportunities that an open financial system has to offer.
The company’s team plans to make Web3 Wallet publicly available to customers by the end of the year.