Robinhood is debuting its own noncustodial wallet to work with Web3, which will let customers have “total control” of their crypto, a company blog said Tuesday (May 17).
The new product will let customers access the decentralized web and various crypto opportunities.
The wallet, which will be multichain, will roll out as a standalone app. It will come with a similar design that people know from Robinhood’s main app.
Customers will hold the keys for their own crypto and get dapps to trade and swap crypto without network fees, store NFTs, connect to NFT markets, earn yield with their assets and access various crypto assets.
“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, co-founder and CEO of Robinhood. “By offering the same low cost and great design that people have come to expect from Robinhood, our Web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”
See also: Robinhood to Let Users Lend Against Stock
PYMNTS wrote recently about Robinhood’s new stock lending feature, letting users lend out their fully paid stocks to borrowers recruited by the company.
The users will be paid when their stocks are lent successfully.
Robinhood has said stock lending might not be right for every customer though, saying there’s a risk “that Robinhood Securities could default on its obligations to you under the Stock Lending Program and fail to return the securities it has borrowed.”
That said, once shares are loaned out, customers can track earnings, see their positions and enable or disable stock lending on the app, and the program will be available for all customers by the month’s end.
Robinhood’s last quarterly earning report showed revenues falling 43%, with the monthly active user count falling, too.
According to CEO Tenev, the quarter was “the story of two competing forces, our accelerating product development juxtaposed against a difficult macroeconomic climate.”
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