Robinhood rolled out its crypto wallet on its app, earlier this year. The company has recently announced that it will also build a new wallet that will help in activities related to Web3 as well as functionality. Earlier, the app would let its users hold cryptocurrency only in its own ecosystem. Now, it is aiming to add a new digital wallet as Web3 or blockchain technology. This technology is expanding rapid as more players are entering and adopting it.

The stock trading app has said that it will build this new digital Web3 wallet in such a way as to enable its users to store their NFTs in them and connect them to online marketplaces. This will enable users to use an ecosystem that is not part of the Robinhood app. Earlier, users could only buy or hold their assets in the platform’s ecosystem.

Due to public demand, Robinhood created a beta version of a crypto wallet, in September. In January, 1,000 customers were eligible to use it to store or hold seven assets such as
bitcoin
bitcoin cash
bitcoin sv
dogecoin
ether
ether classic
litecoin.

The demand and wait list for the crypto wallet was long and the stock trading app had two million users by early April 2022.

The company is planning to make a beta version of its Web3 wallet that will be available to select customers who will be on a waitlist, by summer. General customers would be able to use the Web3 wallet by end 2022.

At Blockwork’s Permissionless event in West Palm Beach, Florida, co-founder and CEO of Robinhood Vlad Tenev said that the platform wanted to simplify the “clunky” and “cumbersome” design that was a part of Web3 and non-custodial wallets.

Tenev also said that everyone would be able to hold their own keys as well as make use of all the opportunities offered by the open financial system, in a simple way, by using a Web3 wallet designed by Robinhood.

(Photo/Credit: dennizn)