Robinhood Announces Plans For Web3 Crypto Wallet
Milestone Date: May 17, 2022
Robinhood, the very popular investment platform for retail traders, has revealed its plans to launch a Web3 crypto wallet, catering to decentralized finance (DeFi) traders and non-fungible token (NFT) buyers. This plan signals Robinhood's entry into the growing field of Web3 and highlights its intention to expand its crypto offerings beyond traditional trading.
The Web3 wallet will be entirely separate from the regular Robinhood app. The wallet will provide Robinhood users with increased control and access to decentralized applications (dApps) and blockchain-based assets without leaving the Robinhood ecosystem. With the rise of DeFi and NFTs, this wallet aims to empower users to participate more actively in Web3, like purchasing and storing NFTs, stake, and earning yield on digital assets, and accessing tokens (cryptocurrencies) unavailable on Robinhood.
Robinhood's entry into the Web3 ecosystem signifies its recognition of the transformative potential of blockchain technology to the world of traditional finance and the firm’s desire to remain at the forefront of innovation in the cryptocurrency space for its millions of users.
By Elizabeth Morrison
Published:May 17, 2022