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Service of retail trading Robinhood has announced that a non-custodial cryptocurrency wallet would be released.
What power does it give to users?
Today at the Permissionless DeFi conference, Robinhood CEO Vlad Tenev announced the announcement.
A press release was also issued about it. Robinhood is “developing a completely new non-custodial, Web3 wallet,” according to the release, which will provide users more direct control over their crypto and access to the decentralized web.
The upcoming Robinhood wallet will give consumers more control over their crypto than the present one.
Users will be able to trade and access cryptocurrencies, store NFTs and receive a return on their crypto holdings. It will have the “same straightforward and accessible design” as the rest of Robinhood’s offerings.
According to reports, the service will also cover user petrol prices.
The wallet will also handle multi-chain transactions, presumably for Robinhood’s 11 crypto assets.
Slow support for Crypto
Since 2018, Robinhood has supported crypto trading, however, it did not let customers withdraw cryptocurrency unless they first converted it to a monetary balance.
Last month, Robinhood launched its first crypto wallet, which had a queue of 2 million members when it originally opened some months ago.
Because the first wallet was custodial, Robinhood had total control over user funds.
It was nonetheless a step forward because it allowed users to withdraw cryptocurrency directly.
The new wallet will also have a queue before it is released. The wallet will be available in the United States by the end of the summer, and internationally by the end of 2022.
Coinbase, for example, offers a non-custodial wallet in addition to its custodial or on-exchange wallet.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
