Robinhood Markets will introduce a non-custodial crypto wallet to store and exchange cryptos later this year.
This announcement comes just over a month after the broker launched a crypto wallet that can hold all tokens traded through the app. The new non-custodial wallet will allow users to hold the private keys themselves instead of letting Robinhood have them. This allows transactions to be carried out on the blockchain.
Having the private keys also means customers are protected from Robinhood failure. However, they risk losing their money if they misplace their private keys.
The Robinhood Wallet will be easy to use
The new wallet will have its own app , which Robinhood hopes will "have the same simple and accessible design." The company states that users can connect to the NFT marketplace and DeFi platform and also access assets from other exchanges.
“We believe crypto is more than just an asset class.”
“With the same low cost and great design that people have come to expect from Robinhood, our Web3 wallet will make things a lot easier. Users can own their own keys and take advantage of all the opportunities the open financial system has to offer,” said Vlad Tenev , Robinhood Chief Executive.
The new wallet will be available internationally and with no network fees. Robinhood will rely on third party liquidity providers to compete for customer transactions. This offsets the cost of network fees
Growth at Robinhood
The Robinhood platform has been able to grow strongly during the pandemic as more and more people turned their focus to online commerce. However, Robinhood recently announced that they had to lay off 9% of their workforce because it had become too large and complex during the pandemic. Robinhood has a market value of approximately $9 billion , with $6 billion in cash and equivalent inventory.
Last week , FTX CEO Sam Bankman-Fried announced the purchase of a 7.6% stake in Robinhood. That would make him the company's third-largest shareholder. Robinhood's wallet announcement comes amid a 79% drop in shares since the IPO. Robinhood's competitors include Coinbase Wallet and MetaMask .
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