Robinhood to Launch its Own Crypto Wallet

Online broker Robinhood has announced it plans to develop a new digital wallet, which will allow users of the product to store NFTs, as well as connect them to online markets.

The platform has said in a press release that its new non-custodial wallet will allow users to store keys to their own cryptocurrency, earn through trading and exchange of cryptocurrencies, including NFTs (non-exchangeable tokens), without network fees. There will also be no transaction fees.

Robinhood co-founder and CEO Vlad Tenev has said the goal is to simplify the often clunky and cumbersome design characteristic of decentralized finance and non-custodial wallets. He has added:

“There has to be a way to get all the security and privacy benefits of self-storage along with the inexpensive simplicity and mobile design that you’re used to seeing in TradFi products.”