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As some of you already know, Robinhood has already released a simple crypto wallet. This crypto wallet effectively acts as a storage space for its users looking to move their tokens in or out of Robinhood accounts.
However, this limiting and highly controlled crypto wallet is not enough, which is why Robinhood has just announced that it's planning to release a new crypto wallet by the end of 2022, with the beta version being released in the summer. This wallet is a lot more advanced, and it will also focus on DeFi customers and NFT enthusiasts.
The new Robinhood wallet will likely be a Web3 crypto wallet, and the company plans to let its members use it for tokens, DeFi solutions, and even NFTs. They will be able to buy, lend, and stake NFTs, just as they can with the MetaMask wallet.
The wallet is planned to be of a similar user-friendly design and a smooth interface, something Robinhood has become known for.
Users also won't have to pay any gas fees on crypto transactions, which is certainly a big thing for those using the Ethereum blockchain and other cryptos that come with very high fees.
Moreover, the wallet will be non-custodial, and it will let users hold their own private keys. At the moment, whenever you buy a token or coin on Robinhood, the site effectively owns it as the company doesn't have a dedicated wallet for that, nor the usage of NFTs or deploying assets into DeFi on the same platform.
Coinbase has a more complex wallet similar to that. However, even Coinbase has to expand its list of features to achieve the results Robinhood is planning. Plus, Coinbase's wallet is integrated, and Robinhood is planning an advanced non-custodial version.
Simply put, and per what the company has already stated, Robinhood is planning a new wallet that will effectively be the missing piece their users need to connect to the Web3 space. In other words, the company is looking to the future.
What's more, it's striving to give users ownership of their private keys, which every advanced crypto user knows is crucial if they want to become the sole owners of their crypto assets.
The current custodial wallet Robinhood is the same as all other custodial wallets, sharing the same problems. Beginners use them more, while advanced users prefer a non-custodial version where they can keep ownership of their private keys. The new wallet will thus allow Robinhood to serve both beginners and advanced crypto users.
Robinhood is also looking to enter the NFT and DeFi markets, the new developing markets with plenty of potentials. That's why the wallet will offer full support for them.
With the new wallet, Robinhood will finally get the chance to compete with other giants like Coinbase and MetaMask.
Robinhood is planning this new wallet to enter the market by the end of 2022, but users can already get something quite similar from Ambire without waiting for a new release. This company's wallet is effectively the first power user wallet that works as a web app, unlike most other non-mobile wallets that function as extensions.
The Ambire wallet is easier to use and also caters to newcomers. It has hardware wallet support, connects to various dApps, and lets you store and trade various assets. This includes tokens, NFTs, and even deposits to DeFi protocols.
Robinhood sees the benefits of this type of power wallet, so it's no wonder that it's attempting to enter this sphere. However, if you want to enter it yourself as crypto or NFT user, you can certainly go for Ambire.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
