Early this week, online brokerage platform Robinhood revealed its upcoming Web3 wallet that allows anyone to have total control over their NFT and crypto assets.
Make no mistake, the platform did launch its first crypto wallet back in April this year. But users can only trade a limited amount of crypto using that wallet. So what’s new with the latest Web3 wallet by Robinhood? Let’s take a look!
What can you do with Robinhood’s brand new Web3 wallet?
To begin with, Robinhood claims that the new NFT and crypto wallet will be non-custodial. Meaning to say, you will be the one holding the private keys to your wallet, instead of the platform itself. What’s more, the wallet will be a standalone app, made available on multichain.
Apart from holding the keys to your NFT and crypto assets, there’s so much more that you can do with the Web3 wallet by Robinhood. First off, you can trade and swap cryptos with zero network fees. This is definitely one of the key features of the primary Robinhood app, as it offers commission-free stock trading services to its customers as well.
Next, you can store your precious NFTs and connect them to NFT marketplaces through the wallet. On top of that, the wallet will provide you access to various crypto assets in the market. Plus, those who choose to store their coins in their wallet will earn yields from their assets as well.
Sounds cool! Where can I download the Web3 wallet then?
Just chill! As of writing, Robinhood’s Web3 wallet is not available to the public yet. But no worries anon. You can now sign up to join the waitlist first.
According to Robinhood, the team will start inviting those on the waitlist to join its Beta program this summer. By end of this year, the Web3 wallet will be made available to all of its customers.
And for fellow NFT and crypto enthusiasts, here’s a quick tip on how you can (possibly) get a first hand on Robinhood’s Web3 wallet. It’s easy: Just invite as many people as you can to the list using your personal referral link.
That’s because, whenever a person joined using your link, your ranking will move up by half of your current spot on the list. The best part is, there’s no limit to how many people you can invite. So what are you waiting for? It’s time to grind for a spot!
Can Robinhood compete with the likes of MetaMask and Coinbase?
It will be interesting to see how Robinhood competes with other NFT and crypto wallet providers such as MetaMask and Coinbase who are pioneers well known in the space. For instance, MetaMask has more than 30 million monthly active users (MAU) as of March 2022. As a comparison, Robinhood had 15.9 million MAU in the same month.
But there’s still a chance for Robinhood. Given the simple, user-friendly UI in Robinhood coupled with zero network fees to trade cryptos, the platform might just end up attracting 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.”