In a conference held on May 19,2022, Robinhood announced their much-anticipated crypto Web3 Wallet. This would allow users to access the NFTs swap tokens and decentralized exchanges. The popular stock trading platform already had custodial a cryptocurrency wallet and now has planned to launch a non-custodial wallet.
Robinhood’s new standalone app with improved security
Robinhood said that this new multi-chain the web3 wallet will launch as a standalone app. It will have a simple feature and an intuitive design as their main service. Non-custodial wallets will come with improved security for private purposes. Robinhood has claimed that their wallet will satisfy the most advanced d5 believers. They also desire a simple on-ramp for crypto or NFTs beginners.
Unlike Coinbase’s web3 wallet, Robinhood’s the web3 wallet is not integrated. No network fee would be charged. The wallet will be deployed for full use by the end of this year.
Robinhood’s web3 wallet is different than the earlier one
Users of the web3 wallet will be able to lend, stake, and yield NFTs. They might also buy as many NFTs as they do with MetaMask. These capabilities did not exist in the earlier wallet. It was not immediately made clear which blockchain custodial wallet supports. The testing for the new launch had begun the last summer. Potential users are joining the waitlist and will be notified when they could Sign Up.
The users of non-custodial wallets would not be dependent on Robinhood if the system fails. This comes with the risk of users losing their money if the private key is misplaced and would need to safeguard the key. Especially the users new to cryptocurrency must be very cautious once they receive the key. It becomes important for them to know where and how to use the key, keeping it hidden to avoid risks.
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