Stock trading platform Robinhood said it plans to develop a new digital Web3 wallet that will enable users, for the first time, to store their NFTs and connect them to online marketplaces. “Robinhood 3” would allow users to hold the keys for their own crypto, swap and trade without network fees and commissions.
Co-founder and CEO of Robinhood Vlad Tenev speaking at Blockwork’s Permissionless event in West Palm Beach, Florida on May 17 said that the aim was to simplify the often “clunky” and “cumbersome” design featured in decentralized finance, Web3 and non-custodial wallets.
“There’s got to be a way to get all the security and privacy benefits of self custody with the low-cost simplicity and mobile-first design that you’re accustomed to with TradFi products,” Tenev said before playing a promotional video of Robinhood’s wallet to a live audience.
According to Vlad users will be able to:
- Trade & swap with no network fees — and of course, no commissions.
- Easily access DeFi protocols to earn yield.
- Store NFTs and connect to NFT marketplaces.
All on multiple, high-speed chains. And with full control over keys and coins.
There is much interest in the project among the community. Not surprisingly: it’s a significant step for the stock trading app which previously only allowed its users to hold crypto within its ecosystem. Plus paying no network fees sounds attractive to everyone. The functionality of the current version of the wallet is currently limited to seven assets including bitcoin, bitcoin cash, bitcoin sv, dogecoin, ether, ether classic and litecoin, but it already has 2 million users and huge wait list. More is coming:
The company plans to start beta testing later this summer and get the product in everyone’s hands later this year.
Interested? Join the waiting list here. But hurry up, I’m already #726,264 on the list…
BTW here you can listen to a podcast with Vlad Tenev about this project in detail and about Vlad’s plans for the future.