Robinhood, a stock trading website, has announced plans to launch a new digital Web3 wallet that would allow users to store and connect their NFTs to online marketplaces for the first time.
The company said in a news release on Tuesday that its new non-custodial “Robinhood 3” wallet will allow users to keep their own crypto keys, earn yield, and trade or swap crypto, including non-fungible tokens, without paying network fees. The corporation also stated that there will be no transaction commissions.
Co-founder and CEO of Robinhood, Vlad Tenev, speaking at Blockwork’s Permissionless event in West Palm Beach, Florida on Tuesday, said the aim was to simplify the often “clunky” and “cumbersome” design featured in decentralised finance, Web3 and non-custodial wallets.
The move is a huge step forward for Robinhood, which previously only permitted customers to buy and hold cryptoassets within their trading accounts. In February 2021, the app expressed interest in allowing transfers outside of its platform due to the growing popularity of cryptocurrency.
Robinhood eventually gave in to public pressure and created a beta version of their first digital wallet, which was first available to 1,000 clients in January. Following a long backlog, that number has risen to two million users.
Bitcoin, bitcoin cash, bitcoin SV, dogecoin, ether, ether classic, and litecoin are the only assets supported by that wallet at the moment.
By the end of the year, Robinhood wants to make the product available to all of its consumers.
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