Robinhood's NFT & Crypto Wallet - Everything You Need to Know

Online brokerage platform Robinhood announced releasing a non-custodial Web3 wallet that will give users "total control" over their crypto assets.

In April 2022, the online brokerage platform Robinhood released its first crypto wallet to about two million users. Now, just a month later, the platform announced releasing a second wallet. Furthermore, the upcoming non-custodial Web3 wallet will give users "total control" over their NFT and crypto assets. Let's look at what's new with Robinhood's latest Web3 wallet.

Robinhood's Brand New Web3 Wallet

In a press release, Robinhood CEO Vlad Tenev stated, "Our Web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system offers."

According to the Robinhood blog, the new NFT and crypto wallet would be non-custodial in nature. This means the user would hold the private keys instead of the platform itself. Moreover, the non-custodial wallet would be launched as a standalone app.

Apart from holding the private keys to crypto-assets, users can trade and swap crypto with zero network fee. Also, users can store NFTs and connect to NFT marketplaces using the wallet. Furthermore, the wallet will also give users access to the DeFi ecosystem, enabling them to earn yield by crypto lending and staking.

As of writing, the Robinhood wallet is not available to the public. However, if you want to get early access, you can sign up for their waitlist. In fact, Robinhood will launch a beta program for the wallet this summer, inviting those on the waitlist. By the end of the year, the full application will be made available to all of its customers.

Are you wondering how you can get invited to the beta program among other waitlist users? You need to invite as many people as possible using your personal referral link. The reason is that whenever someone joins using your referral link, your ranking goes up. Moreover, there is no limit to the number of people you can invite so that users can grind for a spot.

Robinhood - A New Competition In The Crypto Wallet Market

Only time will tell how Robinhood will compete with other NFT and crypto wallet providers like MetaMask and Coinbase. For instance, MetaMask had over 30 million monthly active users in March 2022. Robinhood had only 15.9 million active users in the same month compared to that. However, given Robinhood's user-friendly user interface coupled with zero network fees, the platform might still have a chance.

You might remember Robinhood from late 2021's GameStop stock frenzy, where the platform restricted buying or trading of certain stocks. In fact, the move drew quite a backlash, causing a significant dip in Robinhood's net revenue. In the first quarter of this year, the platform's crypto trading revenue specifically fell by 39%.

Robinhood is employing an aggressive crypto strategy to make up for its losses. In addition to its new crypto wallet, the platform integrates new cryptocurrencies like Solana and Shiba Inu. Also, it is actively promoting various blockchain-related products and services on its platform.