Robinhood To Roll Out Standalone Ethereum Wallet

Time Stamp: May 18, 2022 8:30 AM
Source Node: 1314005

Popular crypto and stock trading platform Robinhood enters the NFT space with a standalone multichain Ethereum wallet similar to the likes of Coinbase and Metamask which are Web3-focused products.

The non-custodial crypto wallet allows storage of varied NFTs which is also designed to be compatible with NFT marketplaces.

There is a waitlist for Robinhood and the crypto wallet set to launch by the end of the year will be available for the first 1,000 registered users on the waitlist.

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Robinhood assures new users that their crypto wallet is user-friendly and secure (Crypto News Flash).

Complete Control With Robinhood Wallet

With this new standalone crypto wallet, customers are given complete control over their NFTs and digital assets.

Best of all, with this new wallet, users can enjoy their usual crypto trading activities without gas fees.

Johann Kerbat, Robinhood’s CTO, mentioned that the new crypto wallet seeks to duplicate the zero-fee model that Robinhood is well-known for. The crypto exchange is relatively new to crypto adoption as its main product is stocks.

Robinhood is indeed gearing towards having that competitive advantage by capitalizing on customer experience (CX). The company has talked to a lot of crypto wallet users and they have expressed disappointment with the ridiculous transaction fees when buying NFT or crypto.

Revamping Wallet Experience – Zero Gas Fees

This makeshift model is innovative and appealing to more crypto wallet holders. Robinhood wants to revamp the wallet experience for its customers. It’s unclear how it will implement that as Ethereum blockchain users would have to pay high fees or over $100, due to high congestion, to help speed up transactions.

Kerbat said that they are also leaning towards teaming up with liquidity partners to get the best deals. 

Ethereum is switching to a proof-of-stake network with lower fees, but Robinhood says they are not zeroing in on one option and have different solutions in mind to make the vision come to reality. The company is excited to showcase how they can make it happen. 

BTC total market cap at $570.76 billion on the daily chart | Source: TradingView.com

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How Secure Is The Wallet?

Robinhood has been known for its intuitive design and seamless interface – and they have incorporated these qualities in the new Ethereum wallet.

Robinhood assures new users that their crypto wallet is user-friendly and secure. There is a security protocol that ensures users get the protection they deserve for their crypto funds and NFT.

That said, there is a lowered risk of having funds wiped out in the event that they lose their private keys.

The design and security features make Robinhood’s Ethereum wallet stand out without appearing like a sore thumb next to its competition.

The exchange will be launching beta versions in the summer to test the waters before it officially takes off by the end of the year.

Featured image from MarketFeed News, chart from TradingView.com

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