Robinhood to Compete Against Coinbase With Launch of New Crypto and NFT Wallet

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Retail trading platform Robinhood is launching a new non-custodial crypto and non-fungible token (NFT) wallet in the company’s latest push to embrace the digital asset space.

According to a new press release, the trading titan has started developing a multichain Web 3.0 wallet that will allow investors to have total control of their digital assets as well as grant them access to decentralized web protocols.

Using the wallet, traders will also be able to swap crypto assets with no network fees, connect to NFT markets and store their own NFTs, and earn yield using their assets.

In a recent interview with CNBC, Robinhood CEO and co-founder Vlad Tenev says that the wallet will serve as a way to expand access to decentralization exchange platforms and hand over ownership of digital assets to their owners.

“Our primary objective is to give customers a great product, an opportunity to not just trade through the centralized exchange of Robinhood, but also keep complete control and custody of their keys and help them access decentralized exchanges and swap coins…

Our focus is on just making sure that this is the way for our customers to access Web 3.0 and maintain self custody going forward.”

Customers can now sign up for the waitlist to get early access to the beta wallet, which will launch sometime during mid-2022. According to the press release, the full product is slated to be released by the end of the year.

Coinbase, the largest crypto exchange in the US, also recently expanded its crypto offerings with a new Ethereum-based DApp wallet and browser that can be accessed within the Coinbase app. The DApp wallet and browser will initially be made available on the operating system of Android mobile devices.

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