Robinhood is actively entering the Web3 space as they just announced a new wallet app focused on DeFi and NFT that aims to enhance the customer experience.
Specifically, Robinhood founder and CEO Vlad Tenev had some revelations about the platform’s new Web3 wallet on his personal page on May 17. The event came only a few days after the CEO of FTX bought 7.6% of the company’s shares.
The new wallet will be a standalone application from Robinhood’s existing crypto and securities platform and operate similarly to other unsecured wallets such as MetaMask, the US brokerage announced at the money conference. Electronic Permissionless on Tuesday.
Accordingly, users of the wallet can lend, staking, profit from farming and even buy NFTs. These abilities did not exist in Robinhood’s previous wallet. The highlight is that the wallet will not charge gas fees for trading and token swaps.
In addition, the new wallet is said to be flexible and has a user-friendly interface to facilitate all new customers who may not have much crypto experience yet. However, there is still no exact information about the specific blockchain that the wallet will support integration. Robinhood CEO said:
“With the innovative web3 wallet, we are building a product that will satisfy the most cutting-edge DeFi enthusiasts while providing a safe passage for crypto beginners to dive deeper into.” Ecosystem.”
Robinhood’s upcoming wallet will begin testing in Q3 of this year, with the waiting list now open, expected to compete directly with exchange Coinbase’s newly launched wallet product with open features. Widely announced at the beginning of the week. The similarity is that both companies are making it easier for customers to deploy their assets into DeFi without leaving the platform.