Robinhood will create a Web3 wallet
In its quest to boost trading volume, Robinhood has shared intentions to develop a hot wallet that includes support for NFTs.
The upcoming 'Robinhood 3' wallet will empower users to manage their own crypto keys while allowing them to swap and trade both cryptocurrencies and NFTs.
Users will also have the ability to access a diverse selection of cryptocurrencies from various exchanges through the wallet.
This wallet aims to eliminate gas fees for transactions, despite reports suggesting that transactions on Ethereum and Bitcoin can sometimes exceed $70.
With the introduction of this new feature, Robinhood is looking to position itself as a serious contender against Coinbase and MetaMask.
Robinhood's CEO, Vlad Tenev, stated: 'Our forthcoming Web3 wallet will uphold the low costs and exceptional design that Robinhood is known for, making it easier for individuals to manage their keys and take full advantage of the opportunities within the open financial system.'
The Robinhood Wallet is expected to roll out globally. Users can already register for early access, with the official launch anticipated in the latter half of 2022, while a beta version is projected for the summer, though no specific date has been set.
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