Robinhood has announced the launch of its NFT-compatible cryptocurrency wallet, which will provide customers with fee-free transactions. This unique crypto wallet will not charge gas fees and support DeFi services, as well as other swap token functionalities.
The company has been a name synonymous with investing in recent years, notably during the GameStop saga back in 2020/21. But, since then, Robinhood has aimed at the emerging cryptocurrency market.
Plans For The Launch
The announcement came at the Permissionless Conference, where Robinhood CEO and co-founder Vlad Tenev said that DeFi “has the potential to be the operating system that powers the future of financial services,” as well as that “With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem.”
The company is aiming to break into the crypto market but will face stiff competition. The crypto market has endured a turbulent few weeks but seems to be stabilising now. The company aims to launch the product by the end of summer 2022, meaning users will be tapping into the user-friendly interface and enjoying the full range of services from this web3 wallet.
Cheap And Safe DeFi Wallet
One of the most appealing aspects of this new wallet is certainly its zero-fee trading feature. But, not only that. Customers will benefit from the fact it’s non-custodial, meaning holders will have private keys to their funds, similar to what is offered at Coinbase and Ledger.
Given the string of recent issues regarding the safety of customers’ funds, the launch of the Robinhood non-custodial wallet may come at the perfect time. Safely storing digital funds and assets should be assumed as a basic standard, meaning users can operate on the app without the fear of exploits or hacks targeting their assets.
But, how will these low fees be achieved, especially on the Ethereum network? When asked about this, Robinhood stated that it intends to rely on third-party liquidity providers to offer the best rates on token swaps. As such, the company will be able to efficiently handle a large number of transactions.
With a great deal of competition, Robinhood will face stiff competition in getting a foot in the crypto market. But, this unique offering, maybe the best way to get reach its audience.