Early this week, online brokerage platform Robinhood announced its upcoming Web3 wallet, which will give users complete control over their NFT and crypto assets.
Make no mistake, the platform launched its first cryptocurrency wallet in April of this year. However, users can only trade a limited number of cryptos with that wallet. So, what’s new in Robinhood’s latest Web3 wallet? Let us investigate!
What are your options with Robinhood’s new Web3 wallet?
To begin, Robinhood promises that the new NFT and cryptocurrency wallet will be non-custodial. That is, instead of the platform, you will be the one holding the private keys to your wallet. Furthermore, the wallet will be available as a standalone app on multichain.
Aside from storing the keys to your own NFT and crypto assets, the Web3 wallet by Robinhood allows you to do so much more. To begin with, you can trade and swap cryptos with no network costs. This is undoubtedly one of Robinhood’s most important features, as the app also provides commission-free stock trading services to its consumers.
Following that, you can use the wallet to store your valuable NFTs and connect them to NFT marketplaces. Furthermore, the wallet will give you access to various crypto assets on the market. Additionally, those who choose to keep their coins in their wallet will earn returns on their assets.
That’s really cool! So, where can I get the Web3 wallet?
Just relax! As of this writing, Robinhood’s Web3 wallet is not yet available to the general public. But don’t worry, anon. You may now sign up to be first on the waitlist.
According to Robinhood, the company will begin inviting waitlist members to join its Beta program this summer. The Web3 wallet will be available to all of its customers by the end of this year.
And here’s a brief advice for fellow NFT and crypto fans on how to (maybe) get your hands on Robinhood’s Web3 wallet first. It’s simple: Simply use your unique referral link to invite as many individuals as possible to the list.
That’s because every time someone joins through your link, your ranking rises by half a spot on the list. The best part is that there is no limit to the number of people you can invite. So, what are you holding out for? It’s time to compete for a position!
Can Robinhood compete with companies such as MetaMask and Coinbase?
It will be interesting to see how Robinhood competes with other NFT and crypto wallet providers such as MetaMask and Coinbase, both of which are industry pioneers. As of March 2022, MetaMask had more than 30 million monthly active users (MAU). In comparison, Robinhood had 15.9 million monthly active users in the same month.
But there is still hope for Robin Hood. Given Robinhood’s easy, user-friendly UI and zero network fees to trade cryptos, the platform may end up luring more users to its app.
“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, CEO of Robinhood. “By offering the same low cost and great design that people have come to expect from Robinhood, our Web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”