Robinhood builds web3 wallet to capture the NFT hype
Robinhood builds web3 wallet to capture the NFT hype
- Robinhood plans to develop a new digital wallet that is geared towards web3 activity and functionality
- This is an important step for the stock trading app, which initially only allowed its users to keep crypto within their ecosystem
The RobinHood stock trading platform plans the development of a new digital wallet, which enables users to save their NFTs for the first time and connect them to online marketplaces.
In a press release on Tuesday, the platform said that its new, non-kept web3 letter bag would enable users to think the keys to their own crypto, to achieve earnings and to act or exchange crypto, including NFTS (not fungible tokens).
The move marks an important step for the trading app, which previously only allowed users to buy and keep cryptoassets within their robinhood trading accounts. In February 2021, Interest in the enabling of Transfers of its platform in view of the increased interest in crypto.
Robinhood finally gave the public demand and created a beta version of her first digital wallet-which was presented in September-which was initially approved for 1,000 customers in January. Since then, this number has risen to two million users after a long waiting list.
The functionality of this wallet is currently limited to seven assets, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ether, Ether Classic and Litecoin.
"We at Robinhood believe that crypto is more than just an investment class," said Vlad Tenev, co -founder and CEO of Robinhood, in the press release. "Our Web3 Wallet will make it easier for everyone to own their own keys and to experience all the opportunities that the open financial system has to offer."
While Tenev's statement makes it clear that Robinhood's attitude to Krypto has changed in recent years, no reason for his two-track crypto wallet approach has been given.
Blockworks tried to contact Robinhood on this point, but received no answer until the time of going to press.
Similar to the first run of the crypto wallet, the latest web3 wallet of the app will be available for selected customers on a waiting list that will eventually join the beta program this summer.
Robinhood also said that it is planning to make the product available in general for all of its customers by the end of the year.
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The article Robinhood to Build Web3 Wallet in Bid to Capture NFT Hype is not a financial advice.
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