Robinhood Announces Non-Custodial Crypto Wallet

Key Takeaways

  • Robinhood has introduced a non-custodial cryptocurrency pockets that will probably be supplied alongside its present pockets.
  • The brand new pockets will present help for cryptocurrency, NFTs, and yield-earning in addition to multi-chain help.
  • Robinhood plans to start rolling out the pockets by late summer season and make it accessible worldwide by year-end.

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Retail buying and selling service Robinhood has introduced that it’ll launch a non-custodial cryptocurrency pockets.

Robinhood Will Supply Web3 Pockets

Robinhood’s subsequent pockets will give customers extra hands-on management over their crypto than its present providing.

Robinhood CEO Vlad Tenev introduced the information on the Permissionless DeFi convention at the moment. It was additionally detailed in a press launch. That announcement signifies that Robinhood is “constructing a model new non-custodial, Web3 pockets” that may give customers extra direct management over their crypto and entry to the decentralized internet.

Extra particularly, it’s going to permit customers to commerce and entry cryptocurrency, retailer NFTs, and earn yield on crypto holdings. It’ll additionally provide the “identical easy and accessible design” as Robinhood’s different providers. It has additionally been reported that the service will cowl person fuel charges.

The pockets may also embody multi-chain help—presumably for the 11 crypto property that Robinhood helps.

Robinhood Slowly Rolled Out Crypto Help

Robinhood has supported crypto buying and selling since 2018, however it didn’t initially permit customers to withdraw crypto from the service except they transformed it to a financial steadiness.

Robinhood launched its first crypto pockets final month; 2 million customers joined the pockets’s waitlist when it was opened a number of months earlier. That first pockets was custodial, which means that Robinhood in the end had management of person funds. It however represented a step ahead because it allowed customers to withdraw crypto instantly.

The brand new pockets will equally be waitlisted earlier than its launch. Robinhood goals to start rolling out the pockets by the top of the summer season and can make it accessible globally by the top of 2022.

Providing two separate wallets is rare however not unprecedented: the crypto change Coinbase, for instance, presents a non-custodial pockets along with its custodial or on-exchange crypto pockets.

Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies.

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