Robinhood Announces Non-Custodial Crypto Wallet

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Robinhood Announces Non-Custodial Crypto Wallet
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key takeaways

Robinhood has announced a non-custodial cryptocurrency wallet that will be available alongside its existing wallets. The new wallet will provide support for cryptocurrencies, NFTs and yield yields as well as multi-chain support. Robinhood plans to start rolling out the wallet in late summer and globally by the end of the year.

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Retail trading service Robinhood has announced that it will release a non-custodial cryptocurrency wallet.

Robinhood will offer Web3 wallet

Robinhood’s next wallet will give users more hands-on control over their cryptocurrencies than the current offering.

Robinhood CEO Vlad Tenev made the announcement today at the Permissionless DeFi conference. This is also detailed in the press release. The announcement states that Robinhood is “building a brand new non-custodial Web3 wallet” that will give users more direct control over their cryptocurrencies and access to the decentralized web.

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More specifically, it will allow users to trade and access cryptocurrencies, store NFTs, and earn from crypto assets. It will also offer the same “simple and easy-to-use design” as Robinhood’s other services. It has also been reported that the service will pay users for gas.

The wallet will also include multi-chain support — presumably for the 11 cryptoassets supported by Robinhood.

Robinhood Slowly Rolls Out Crypto Support

Robinhood has supported crypto trading since 2018, but it initially did not allow users to withdraw crypto from the service unless they converted it into a currency balance.

Robinhood released its first crypto wallet last month; when the wallet was opened a few months ago, 2 million users were added to the wallet’s waitlist. The first wallet is custodial, meaning Robinhood ultimately controls user funds. Nonetheless, it is a step forward as it allows users to withdraw cryptocurrencies directly.

New wallets will also be waitlisted before launch. Robinhood aims to start rolling out the wallet by the end of summer and will be available globally by the end of 2022.

Offering two separate wallets is uncommon, but not unheard of: cryptocurrency exchange Coinbase, for example, offers non-custodial wallets in addition to custodial or exchange crypto wallets.

Disclosure: At the time of writing, the author of this article owns BTC, ETH, and other cryptocurrencies.

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