Robinhood is re-entering the crypto arena, this time with ambitions to establish a non-custodian wallet.
According to the Blockworks release, Robinhood is in talks to launch a new web3 wallet. The wallet will have 0% network fees for trading and swapping assets, as well as access to DeFi protocols and an NFT marketplace.
Non-custodial wallets will provide users complete control over their assets. The wallet will compete with metamask and the new coinbase wallet whenever it is released.
- The forthcoming wallet will let users “trade and swap crypto with no network fees,” access DeFi services and store NFTs
The wallet experience will be reshaped by Robinhood.
The wallet will have a no-fee mechanism, according to Robinhood CTO Johan Kerbrat. Many users claim that after purchasing an NFT or asset, they wind up with 50% less money due to exorbitant transaction fees.
Given the Ethereum network’s high transaction fees, it’s unclear how Robinhood will accomplish this at this time. When asked about the specific process of obtaining the no-fees model, a spokesman said the following.
- There’s multiple solutions to deliver on that vision, and we’re exited to show everyone how we’re going to do it.
- “A lot of people are staying outside of Web3 because of the cost,” he said. Web3 is here to stay and we’re building for the long-term. It’s a bet on the future.”
Robinhood, a major participant in the stock market, is attempting to establish itself in the crypto sector.