More

    Robinhood to Launch Web3 Wallet to Rival MetaMask and Coinbase

    Key Insights:

    • The trading firm wants to let its customers get exposure to decentralized finance.
    • The wallet will be launched in Beta this summer and in full by year-end.
    • Coinbase also announced DeFi functionality in its mobile app this week.

    On May 17, Robinhood (HOOD) announced its new non-custodial, Web3 wallet that will allow customers to have more control over their digital assets. The company added that its new multichain wallet would launch as a standalone app. It will feature a similar design to Robinhood, which simplifies trading functions.

    The wallet will be similar to rivals such as MetaMask in that users will be able to hold the keys for their own crypto assets. Similar wallets by crypto exchanges Coinbase and Binance put the company in control of the private keys, making them centralized.

    It will also offer trading and token swaps with no network fees, nonfungible token (NFT) storage and connection to NFT marketplaces, decentralized finance (DeFi) yield farming, and a variety of supported cryptocurrencies.

    The Big Web3 Push

    Co-founder and CEO of Robinhood, Vlad Tenev, said that the firm views crypto as more than just an asset class, adding:

    “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.”

    He added that the product would satisfy the “most advanced DeFi believers” while creating a secure on-ramp for those just starting out in crypto to go deeper into the ecosystem.

    Robinhood also plans to cover the network or gas fees which can make token swapping prohibitively expensive at times of peak network demand.

    The wallet isn’t available just yet, but there is a waiting list for early access to the Beta program this summer, and the company stated that it would be available to all customers by the end of the year.

    Robinhood is best known as an equities trading platform, making its name during the 2021 meme stock trading frenzy. The firm has also done well from cryptocurrency trading during the booming market last year. Company stock remained flat on the day reaching $10.13 during after-hours trading. Shares are down 43% since the beginning of the year, however.

    Coinbase DeFi Wallet Unveiled

    The Robinhood move comes in the same week that America’s leading crypto exchange, Coinbase (COIN), unveiled its own DeFi app. On May 17, Coinbase announced that it was introducing Web3 and DeFi functionality within its mobile app.

    In true Coinbase style, the new service will only initially be available to a handful of users. It will enable Ethereum-based (ETH) Web3 applications within the mobile app. These include NFT marketplaces such as OpenSea, trading on decentralized exchanges like Uniswap (UNI), and borrowing, lending, or swapping through DeFi platforms such as Compound (COMP) and Curve (CRV).

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.