Controversial stock trading platform, Robinhood, has announced plans for its own Web3 enabled non-custodial wallet, allowing users to swap NFTs and interact with a huge range of decentralized applications.
Robinhood made a name for itself with its straightforward approach to stock trading by providing a simplified platform for newcomers to get a handle on the market. Now however, it will bring its trademark approach to NFTs and DeFi, as it prepares to launch its own Web3 wallet.
The team will look to launch the beta version this summer, initially rolling out to a small selection of users. During which, it will fine tune its offering before distributing to the wider world. According to reports, the new platform will sit alongside its recently introduced crypto wallet, drawing a distinct line between trading and DeFi’s wider opportunities.
Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEBpic.twitter.com/qLjByPA4ty
— Robinhood (@RobinhoodApp) May 17, 2022
Through this new foray into the Web3 ecosystem, customers will have access both to NFTs and DeFi, enabling access to all major NFT marketplaces, as well as a wide range of staking and lending dapps. Based on the report, Robinhood aims to simplify the whole process with a system that charges zero network fees, in addition to maintaining its ‘commissionless’ standpoint.
Robinhood drew the ire of many when it appeared to side with the hedge funds during the infamous WallStreetBets trading war. Only time will tell however, how they will conduct themselves on this new playing field.