Early April, Robinhood a online trading platform announced that it was building a Web3 Crypto Wallet. The popular app that is used many small time and advanced traders immediately saw a waitlist of members who wanted to get the digital wallet. Vladimir Tenev, the Bulgarian American CEO of the company recently announced that its Web3 wallet now had a waitlist that crossed one million people.
Robinhood had said that it would rollout the wallet by the end of 2022. Tenev said that the Web3 wallet will enter the beta testing phase, the following week. This wallet will be available with decentralized finance ecosystem (DeFi).
The original crypto wallet from Robinhood didn’t offer support for NFTs and crypt currencies that hadn’t been listed on the platform. However, the Web3 wallet will support several features that had been requested by users on the Robinhood platform.
Some of the features that will be supported in its new Web3 digital wallet will meet the needs of its advanced customers who had asked for these additional features. Some of the features expected on the Web3 wallet are expected to include the following:
yield farming
NFT support
staking.
Robinhood has also changed its conservative listing policy, in the recent past and added the following crypto currencies:
Shiba Inu (SHIB)
Stellar (XLM)
Avalanche (AVAX)
Chainlink (LINK).
Advanced users prefer a non-custodial digital wallet. Robinhood is looking into the future by building such a Web3 wallet. This wallet will make users sole owners of their crypto assets. They will get ownership of their private keys which is what every advanced crypto user strives for.
Customers have been asking for a wallet in which they could take total control of their crypto assets. They would like to use it to seamlessly access all the opportunities that are on offer by crypto, on Web3. Robinhood is fulfilling this requirement of its advanced users. However, it is not the first one to do so as a similar wallet by Ambire is already available for users.
(Photo:rarrarorro)
Robinhood To Add Web3 Wallet for NFTs, in addition to existing crypto wallet
