Buying and selling platform Robinhood is launching a non-custodial, web3 cryptocurrency pockets. “Prospects will have the ability to maintain the keys for their very own crypto,” the corporate stated.
Robinhood Constructing Non-Custodial, Web3 Pockets
Well-liked buying and selling platform Robinhood introduced Tuesday that it’s “constructing a model new non-custodial, web3 pockets that can enable clients to have whole management of their crypto.”
The announcement particulars:
This new, multichain, web3 pockets will launch as a standalone app … Prospects will have the ability to maintain the keys for their very own crypto.
As well as, clients will have the ability to “commerce and swap crypto with no community charges,” “earn yield utilizing their property,” retailer non-fungible tokens (NFTs), and connect with NFT marketplaces, Robinhood defined.
Vlad Tenev, co-founder and CEO of Robinhood, commented: “At Robinhood, we consider that crypto is extra than simply an asset class … Our web3 pockets will make it simpler for everybody to carry their very own keys and expertise all of the alternatives that the open monetary system has to supply.”
The announcement additional notes that clients can join Robinhood’s non-custodial pockets waitlist to get early entry to the corporate’s new product. The corporate stated:
We’ll start inviting waitlist clients to hitch our Beta program later this summer time and make the product typically obtainable to all Robinhood clients by the top of the yr.
Final month, Robinhood rolled out its custodial crypto wallets to greater than two million clients.
With the upcoming non-custodial pockets launch, Robinhood will compete with the Nasdaq-listed cryptocurrency alternate Coinbase, which additionally provides a self-custodial pockets.
Coinbase CEO Brian Armstrong tweeted Monday that his firm’s non-custodial pockets is now “essentially the most downloaded cell self-custody pockets within the U.S.” He famous: “And also you don’t should migrate something over to make use of it – the identical seed phrase can be utilized throughout a number of wallets.”
Robinhood not too long ago started its European enlargement by buying a regulated crypto agency based mostly within the U.Ok.
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