Robinhood to Launch Non-Custodial Crypto Wallet

The web3 space is really creating room for new projects to be developed both individually and as a company. There have been so many projects developed within the past months and that’s because everyone wants to tap into the web3 space and Robinhood isn’t going to be left out from tapping into it too.

Remember early this week FTX CEO Sam Bankman-Fried bought a 7.6% stake in the trading app at the rate of $11.52 per share resulting in $648 million and making the stock skyrocket. However, Robinhood has taken to the headlines as the CEO of the company, announced that they will be launching a web3 crypto wallet which will be a full non-custodial web3 wallet.

The non-custodial web3 wallet that is being launched is more or less like the MetaMask wallet but one of the features that quite differs from it is the ability to be able to lend, yield farm, stake and even trade NFTs on it and also they have also made a no network fees on the app which is likely going to attract many users. Well, we are still waiting on the blockchain the full non-custodial web3 wallet will support.

About the no network fees, it’s still unclear how it will be possible considering the fact that some network has high gas fees, especially Ethereum except they will have to partner with some liquidity partners that they will be able to negotiate prices that will best fit in. in doing so, that will be the best and possible solution.

According to Robinhood's Crypto CTO Johann Kerbrat, he said that the project however is going smoothly and the main purpose of it is to replicate how the company’s trademark work which is the no-fee model and also that the team has already developed the product browser and what’s was left for the product to enter the web3 space was the wallet and that would be released before the year runs out but the beta version itself would be out this summer.

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