Robinhood, an online discount brokerage, is developing its own non-custodial wallet that will allow customers to have "total control of their crypto."
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While the company didn't go into details, it said in a blog post that the wallet will have "multichain" support so that users could trade and swap crypto "with no network fees."
It remains unclear though how exactly Robinhood plans to keep these promises as Ethereum's fees sometimes spike up to $70 per transaction. Robinhood also said users could store NFTs and connect to marketplaces as well as earn yield using their assets. Robinhood CEO Vlad Tenev says that 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." He added:
"At Robinhood, we believe that crypto is more than just an asset class."
Robinhood didn't elaborate on when exactly it plans to launch the product, but noted that customers can already sign up for a waitlist to get early access to the new wallet later this summer. The full launch is expected by the end of the year.
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