3 years ago
Trading steadfast Robinhood plans to rotation retired a new, decentralized finance-focused (DeFi) wallet for customers who privation to play astir successful the crypto system by the extremity of 2022.
Robinhood CEO Vlad Tenev teased the “Web 3 crypto wallet” astatine the Permissionless league successful Palm Beach Tuesday. Its announcement follows past month’s motorboat of a much tightly-controlled crypto wallet, which was fundamentally a halfway location for users moving tokens successful and retired of their Robinhood brokerage accounts.
Users of the wholly abstracted Web 3 wallet volition beryllium capable to lend, stake, output workplace and adjacent bargain NFTs – overmuch arsenic they mightiness with a MetaMask. Those capabilities bash not beryllium successful Robinhood’s earlier wallet. It was not instantly wide which blockchain the custodial wallet intends to support.
Robinhood’s upcoming wallet – it begins investigating successful the summer, with a waitlist present unfastened – is slated for nonstop contention with Coinbase’s ain offering, announced Monday. Both investing giants are making it easier for their crypto-trading customers to really deploy assets into DeFi without leaving their wallet ecosystems. Doing truthful could extremity up goosing DeFi protocols with a raft of caller users.
While Coinbase’s Web 3 wallet is integrated, Robinhood’s is not. Johann Thompson, the firm's Crypto Chief Technology Officer, said the caller wallet volition specifically cater to users who question “advanced usage cases” of crypto.
“We spot this caller merchandise arsenic a benignant of member for Web 3,” Thompson told CoinDesk successful a telephone interrogation anterior to Tenev’s keynote. He said the squad is “building this merchandise arsenic efficaciously a browser.”
The wallet volition let users to acquisition and store NFTs, gain output connected assets, and entree a big of tokens not presently disposable connected Robinhood.
“We privation to springiness [users] the past portion missing to entree the Web 3 space,” said Thompson.
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