Robinhood launches zero-fee NFT compatible web3 wallet for DeFi users

Top crypto and stock trading app Robinhood will be launching a crypto wallet that supports NFTs and charges zero fees for transactions, an announcement by the team says. A non-custodial wallet, the new wallet will not be used to hold cryptocurrencies for customers, but every customer will be responsible for their assets.

The wallet will also support DeFi and other swap functionalities and is coming as a way of entering the DeFi ecosystem and exploring its full potential as this holds the future of cryptocurrencies. With the launch, Robinhood will open up access to web3 and the limitless potential of crypto across blockchains as it is a web3 and multichain wallet. 

“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.” Robinhood CEO and co-founder Vlad Tenev said in a statement.

The wallet will have a simple user interface design typical of the simplicity of Robinhood. Among other things, customers can trade and swap crypto with no network fees, store NFTs and connect to NFT marketplaces, earn yield using their assets and access a variety of crypto assets.

Robinhood has close to 23 million users and is one of the go-to places for trading digital assets. The app recently listed Shiba Inu, one of the top meme tokens to fulfil the lifelong dream of the token’s fans and investors. The coming of this wallet will be timely and only help more people access cryptocurrencies including Shiba Inu, which can significantly boost the adoption of digital assets.

The Beta version of the wallet will be available later this summer and customers are encouraged to sign up for the waitlist to get invited to gain early access to the wallet by then. 

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