Robinhood is releasing another crypto-focused wallet, now called the Web3 wallet.
The digital trading platform just recently made a public announcement sharing the future products the company will come out with., including the much-awaitet crypto wallet.
Robinhood's Web3 Wallet To Be Released
Robinhood boasted that this Web3 wallet they are developing is a multi-chain wallet that would be available in the form of stand-alone software. It will be made in a way that is similar to how Robinhood is made, which makes trading easier.
The Web3 wallet aims to give consumers total control over the digital assets they store within the Robinhood system. According to the company, this web3 wallet will allow users to trade and swap cryptocurrency without net fees, give customers the ability to store NFTs and reach out to NFT marketplaces, earn yields with their assets, and access a plethora of crypto assets.
The wallet will function in a manner analogous to that of its competitors, such as MetaMask, in the sense that users will be able to keep the keys to their own cryptocurrency holdings.
Coinbase and Binance, two of the most popular cryptocurrency exchanges, have both made wallets that work the same way and put the private keys in the hands of the company.
Vlad Tenev, co-founder and CEO of Robinhood, stated that the product they are currently developing adheres to the "most advanced DeFi believers" while simultaneously producing a safe on-ramp for people who are just beginning their venture into the world of cryptocurrencies.
Hence, at times of peak network demand, the cost of exchanging tokens can become prohibitively expensive. In turn, Robinhood intends to compensate users for the network or gas fees that they incur.
However, there is a waiting list for early access to the Beta program this summer, and the business has claimed that it will be available to all clients by the end of the year.
Although the wallet is not yet available, there is a waiting list for early access to the program.
Robinhood's Current Crypto Wallet
Robinhood is a digital stock trading platform that rose to immense popularity during the pandemic. Due to the nature of how their services work, numerous people who want to invest and trade flock to the platform.
For a few years now, the company has not traded any cryptocurrency in its system. Robinhood has denied crypto due to its extremely volatile nature.
However, numerous users of the trading app have continuously urged the company to add cryptocurrency to the platform. This might be due to the extreme gains and popularity of altcoins, bitcoin, Ethereum, NFTs, and Web3 development. To meet the huge demand, the company launched a crypto wallet last month, in April.
As previously reported here, the release of the Robinhood crypto wallet was warmly met by users who were excited to try the feature and immediately had 2 million users waiting before it launched. Although the recently launched crypto wallet has significant disadvantages,
Users can only send and receive transactions using the following cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. This is an additional crucial point to keep in mind.
Users will soon be able to conduct financial transactions using their wallets, including buying and selling cryptocurrencies and sending and receiving payments. The Robinhood cryptocurrency wallet has the ability to transmit up to $5,000 worth of bitcoin or make a total of up to 10 transactions in a period of 24 hours. This limit applies to the total number of transfers combined.
One great feature of the recent crypto wallet they launched is that Robinhood does not add additional fees on top of gas fees for receiving and sending transactions.
