Blockchain

Robinhood Unveils Plans to Launch Multichain Web3 Wallet

Allowing users to trade and swap with zero network fees.

Blockchain

Robinhood Unveils Plans to Launch Multichain Web3 Wallet

Allowing users to trade and swap with zero network fees.

On Tuesday, May 17, Robinhood announced plans for a multichain Web3 wallet. The new product offering includes non-custodial features as well as the ability to trade and swap cryptocurrencies for zero network fees.

The new product announcement comes just days after news of FTX CEO Sam Bankman-Fried buying a 7.6% stake in Robinhood, leading some to speculate on his possible future involvement.

Much like Coinbase’s newly announced decentralized app (dapp) browser and wallet, the Robinhood wallet will allow users to explore a variety Web3 dapps. Some of the most popular use cases are non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), which often act as investment groups.

The new wallet will act as a standalone app and will reportedly feature multichain integrations — meaning, users will have access to a variety of blockchains like Ethereum, Solana, and more. Additionally, the app will be non-custodial, granting users complete control over their wallet’s keys (password). Robinhood also stated that users will be able to trade and swap cryptocurrencies with zero network fees.

Interested customers can sign up for the waitlist to get early access to the Web3 wallet. Robinhood said it will begin to invite waitlisted customers to join its Beta program later in the summer with a goal of making the product available to its general customer base by the end of the year.

Elsewhere in Crypto, Miami and New York City Coins lose nearly all value in the market downturn.

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