Robinhood Plans To Launch Gas-Free NFT Wallet

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Robinhood is planning to launch a user-controlled crypto wallet at the end of the year, joining the company with Coinbase and MetaMask.

On Tuesday’s announcement, the popular mobile stock trading platform Robinhood is branching deeper with crypto. Customers will be able to have full control over their crypto assets through Robinhood’s standalone, non-custodial digital wallet

The company started cryptocurrency trading in February 2018, this is just their latest venture in the web3 development race. 

Robinhood is a mobile app for stock, options and cryptocurrency exchange fee-less transaction.

Robinhood first launched its mobile app where it pioneered commission-free trades of Stocks, Options, and exchange-traded funds (ETF) in March 2015. The company plans to roll out the wallets later in the year and emphasized “custodial wallet” to contrast against other popular digital wallets, Coinbase and MetaMask. The wallets are managed on the back-end by Robinhood which would provide users full control, while users will still need to keep their private keys for access secure. This feature is similar to  contemporary digital wallets.

The biggest news and differentiator is the focus on “trade and swap crypto with no network fees,”- meaning users are not expected to pay for a gas-free on transactions.

The Robinhood’s main draw was the simplicity and ease-of-use user experience that brought in Millenials and other on-the-fence about stocks trading. The Robinhood digital wallet would mostly follow this same approach. 

The company is planning to release a beta version this summer with the full launch for all users at the end of the year.

The digital wallet racing is heating up with more big tech companies joining the fold. A couple of months ago, Telegraph announced their own service gas-free NFT exchange.