Robinhood Launching New Non-Custodial Web3 Crypto Wallet

Trading platform Robinhood is launching a non-custodial, web3 cryptocurrency wallet. “Customers will be able to hold the keys for their own crypto,” the company said.

Robinhood Building Non-Custodial, Web3 Wallet

Popular trading platform Robinhood announced Tuesday that it is “building a brand new non-custodial, web3 wallet that will allow customers to have total control of their crypto.”

The announcement details:

This new, multichain, web3 wallet will launch as a standalone app … Customers will be able to hold the keys for their own crypto.

In addition, customers will be able to “trade and swap crypto with no network fees,” “earn yield using their assets,” store non-fungible tokens (NFTs), and connect to NFT marketplaces, Robinhood explained.

Vlad Tenev, co-founder and CEO of Robinhood, commented: “At Robinhood, we believe that crypto is more than just an asset class … Our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”

The announcement further notes that customers can sign up for Robinhood’s non-custodial wallet waitlist to get early access to the company’s new product. The company said:

We’ll begin inviting waitlist customers to join our Beta program later this summer and make the product generally available to all Robinhood customers by the end of the year.

Last month, Robinhood rolled out its custodial crypto wallets to more than two million customers.

With the upcoming non-custodial wallet launch, Robinhood will compete with the Nasdaq-listed cryptocurrency exchange Coinbase, which also offers a self-custodial wallet.

Coinbase CEO Brian Armstrong tweeted Monday that his company’s non-custodial wallet is now “the most downloaded mobile self-custody wallet in the U.S.” He noted: “And you don’t have to migrate anything over to use it – the same seed phrase can be used across multiple wallets.”

Robinhood recently began its European expansion by acquiring a regulated crypto firm based in the U.K.