Robinhood trading platform launches Web3 cryptocurrency wallet without custody.” Customers will be able to store their own crypto keys,” the company said.
Robinhood creates a no-custody, Web3 wallet
The popular trading platform Robinhood announced Tuesday that it is “creating a brand new, no-custody, Web3 wallet that gives customers full control over their cryptocurrencies.”
The details of the announcement are as follows.
This new, multi-chain, Web3 wallet will launch as a standalone application … Clients will be able to store their own cryptographic keys…
In addition, customers will be able to “trade and exchange cryptocurrency without network fees,” “earn returns using their own assets,” store non-fiat tokens (NFT) and connect to NFT markets, Robinhood explains.
Vlad Tenev, co-founder and CEO of Robinhood, commented, “At Robinhood, we believe that cryptocurrency is not just an asset class… Our Web3 wallet allows everyone to hold the keys and use all the features of an open financial system.”
The announcement also noted that customers can get early access to the company’s new product by signing up for a waiting list for the Robinhood certified wallet. The company stated.
We will begin inviting waiting list customers to participate in the beta program later this summer and will make the product generally available to all Robinhood customers by the end of the year.
Last month Robinhood released the Custodial Crypto Wallet to more than 2 million customers.
With the upcoming launch of non-custodial wallets, Robinhood will compete with NASDAQ-listed cryptocurrency exchange Coinbase, which also offers a self-custodial wallet.
Coinbase CEO Brian Armstrong tweeted Monday that the company’s self-storage wallet is now “the most downloaded mobile storage wallet in the United States.” He noted that:” And you don’t have to transfer anything to use it – the same initial phrase can be used on multiple wallets.”
Robinhood recently began its European expansion by acquiring a British regulated cryptocurrency company
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