According to the latest report, Robinhood will be launching a non-custodial web3 wallet with no swap fees. For the time being, a name hasn’t been decided for the wallet. If anyone plans on getting up the waitlist, they’ll have to refer their friends.
Robinhood Launches Web3 Wallet
Robinhood, a commission-free exchange that pays market makers for order flow, introduced its web3 wallet. The wallet claims to allow cryptocurrency trading with no swap costs and already has over 150,000 customers on its waiting list.
By introducing friends to the waitlist, users can move ahead in the queue. However, the final release date has not yet been determined. However, Robinhood has published a video promoting the wallet, which you can watch below.
As the dawn rises in the distance, a troop of apes emerges from their cave, wide-eyed and ready for the day. The apes awoke and emerged from the cave, where they discovered a bizarre obelisk with an eerie green gateway.
When one ape touches the gateway, electricity shoots across its body. After that, the ape steps into a full-sized portal. The Robinhood logo appears after a kaleidoscopic display of colors and forms as the camera pans along. The slogan, “Trade and swap crypto, No network fees.”
It wasn’t until 2018 that Robinhood started offering zero-fee crypto trades, but many were dissatisfied because they couldn’t withdraw their coins from the exchange. It began a test program in 2021 to allow consumers to withdraw cryptocurrency from their exchange accounts.
Given that Robinhood now allows users to withdraw cryptocurrency, it’s only natural that they’d offer a non-custodial wallet to match their exchange services. A non-custodial web3 wallet will allow users to transfer and receive crypto from the exchange.
Coinbase has two wallets, the custodial and the non-custodial. The non-custodial wallet is a Coinbase Wallet, available on both Android and iOS. Coinbase Wallet is free to use. However, it does charge users for individual transactions.
Kerbrat’s Comments on Robinhood’s New Wallet
Kerbrat says that Robinhood won’t charge its users any network fees or other costs associated with its non-custodial wallet for cryptocurrency trading and swapping. An unnamed Robinhood non-custodial wallet will be available. However, it will be a separate app. Customers will be able to keep NFTs in their wallets and connect to the DeFi ecosystem, providing them access to DeFi protocols. They can earn a profit on their coins by staking or borrowing them, Kerbrat said.
He noted that no personal data would be required to create a Robinhood account unless you wish to link your non-custodial wallet with it. He wishes to keep both items connected. It’s your choice whether or not to utilize Robinhood to transition from fiat currency to cryptocurrency, Kerbrat said.
Kerbrat expects that today’s wallet release would inspire dApp developers and protocols to interact with Robinhood’s dApp platform. People continue to believe that the primary reason why many users do not use the non-custodial wallet is that they are too difficult, especially given the high fees everywhere. As a result, we don’t want only to perform a project but also help comprehend and integrate dApps.