Robinhood launches non-custodial Web 3.0 wallet with NFT compatibility

Robinhood, a popular trading platform, has announced the launch of its own non-custodial Web 3.0 wallet that will have non-fungible tokens (NFTs) compatibilities allowing users to connect to NFT marketplaces.

See you on the other side https://t.co/qonXj80BEB pic.twitter.com/9oXqlj9HVI

— Robinhood (@RobinhoodApp) May 18, 2022

Prior to the launch, the platform had posted a promotional video on Twitter explaining how the wallet will be used.

Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty

— Robinhood (@RobinhoodApp) May 17, 2022

Robinhood’s web 3.0 will be similar to the Robinhood app 

Robinhood has been working hard to provide crypto-related services and it will release a new multichain wallet app similar to the Robinhood app to make crypto trading more accessible.

The wallet will work like MetaMask. Users will be allowed to store their private keys for their crypto assets. It will be different from the likes of Binance and Coinbase wallets where the private keys are left under their respective exchange management.

In addition, Decentralized finance (DeFi) and other supported cryptos are as well included in the list of features of the app.

The growing interest in Robinhood

According to a filing by the US SEC, FTX crypto exchange CEO, Sam Bankman-Fried, bought a sizeable Robinhood (HOOD) stake on May 2.

On Thursday (May 17), Emergent Fidelity Technologies Ltd, an Antiguan company, also purchased a 7.6% (56 million shares) ownership stake in the Robinhood trading app which was valued at approximately $482 million.