By Alicia Maher
The popular crypto exchange firm, Robinhood, has developed a Web3 wallet as it ramps up efforts to move to the rapidly growing NFT marketplace in the coming years.
Accordingly, the company revealed that it plans to launch a customer-focused crypto wallet to offer users total control over their digital assets and connect them seamlessly to marketplaces.
NFT is the New Direction
Robinhood has affirmed that its present drive is to enter the NFT ecosystem, which explains the development of the new wallet with features like trading, storing, and crypto exchange that can be found on established platforms like Coinbase.
The digital asset industry has evolved tremendously. Robinhood is keen on leveraging the growth to expand its services following the crypto wallet it has produced, which was considered a success; the firm is now seeking to venture into new markets.
In September last year, speculation was rife that Robinhood was developing a new wallet that was not a Web3 wallet. Meanwhile, users can only use the wallet to purchase crypto with USD and will not be able to trade on the Robinhood wallet.
In response, the development team took the challenge by creating another wallet to allow users to trade and deposit crypto and withdraw funds.
More Options Available to Users
A statement from the company shows that the new wallet comes with security features like identity verification, multiple-factor authentication, and phone and email verification to safeguard the users’ funds from hackers and other security breaches.
The beta version went live in January 2022, following months of work and planning from the Robinhood team. At this stage, only 1,000 customers are allowed to withdraw funds from their accounts.
The managing director of Robinhood Crypto, Christine Brown, disclosed that the waiting list for the crypto wallet contains 1.6 million customers. Beta testers have been dependable in fine-tuning the wallet’s functions before the final release.
At the Bitcoin Conference in Florida in March, Robinhood disclosed the launch of the latest crypto wallets to the world, with more than two million customers expected in the initial stage of the release.
NFT Made Easy
The expected expansion of the wallet functionality by incorporating NFT will boost the Robinhood marketability in the coming years.
Vlad Tenev, CEO of Robinhood, noted that the company is poised to make things easy for its users, and it is the belief at Robinhood that crypto serves more purpose and is more than just another asset. The coming of Web3 will make it easy for users to take full control of their experience and the opportunities the digital financial space offers.
Robinhood will charge no gas fees on use, and the company has reiterated that it will generate revenue through third-party partnerships to maintain the current plan.
The development of the Web3 wallet is Robinhood’s drive to enter the NFT space, and the competition is getting stiffer, with Robinhood throwing its hat into the ring.