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Robinhood, a popular trading platform, has announced the launch of its own non-custodial Web 3.0 wallet, which will be compatible with non-Fungible tokens (NFTs), allowing users to connect to NFT marketplaces.
See you on the other side https://t.co/qonXj80BEB pic.twitter.com/9oXqlj9HVI
– Robinhood (@RobinhoodApp) May 18, 2022
Before the launch, the platform had posted a promotional video on Twitter explaining how the wallet is used.
Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty
– Robinhood (@RobinhoodApp) May 17, 2022
Robinhood’s Web 3.0 will be similar to the Robinhood app
Robinhood has been working hard to provide crypto-related services and it will release a new multichain wallet app similar to the Robinhood app to make crypto trading more accessible.
The wallet works like MetaMask. Users are allowed to store their private keys for their crypto assets. It will be different from wallets like Binance and Coinbase, where the private keys will remain under their respective exchange management.
In addition, Decentralized Finance (DeFi) and other supported cryptos are also included in the list of features of the app.
The growing interest in Robinhood
According to a filing by the US Securities and Exchange Commission (SEC), FTX crypto exchange CEO Sam Bankman-Fried bought a sizable stake in Robinhood (HOOD) on May 2.
On Thursday (May 17), Emergent Fidelity Technologies Ltd, an Antiguan company, also acquired a 7.6% stake (56 million shares) in the Robinhood trading app, valued at about $482 million.
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