If this crypto winter has made you so poor that you can’t even pay for crypto transactions, read on; Robinhood may have the perfect solution to all your problems.
Popular stock and crypto trading app Robinhood has announced that its upcoming crypto wallet will have no gas fees and support for non-fungible tokens (NFTs), DeFi services and other token exchange features.
At the Permissionless conference, Robinhood CEO and co-founder Vlad Tenev said that decentralized finance (DeFi) “has the potential to be the operating system that drives the future of financial services.” For this reason, the company wants to break into the crypto market with tools that can take advantage of the possibilities offered by DeFi products and services.
“With our web3 wallet, we are building a product that will satisfy the most advanced DeFi believers, while creating a secure on-ramp for those just starting out with cryptocurrency to dive into the ecosystem.”
Also, this new wallet should be smooth and have a user-friendly interface to facilitate entry for all new users who may have no experience with cryptocurrencies.
Trade and exchange cryptocurrencies without network fees. The web3 wallet we provide. Early Access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty
— Robinhood (@RobinhoodApp) May 17, 2022
Robinhood’s DeFi wallet is cheap and secure
Aside from the zero-fee transaction feature, one of the advantages of the wallet is that it will be non-custodial. This means that only holders can own and control their private keys. Similar to what other Web3-focused wallets like Coinbase or Metamask have to offer.
Ultimately, this means that users will be able to safely store their NFTs without having to worry about different attacks or hacks against other NFT platforms and cryptocurrency exchanges in the past.
In other words, Robinhood’s new wallet will be as good as any other wallet, but with no transaction fees.
Zero Fees: The Key to Conquering the Cryptoverse
One of the most critical questions about this new wallet is how will they manage to not charge commissions if they use the Ethereum network? Robinhood explained that when exchanging tokens, it will rely on third-party liquidity providers to offer the best prices. This makes it easier to handle large numbers of transactions in the most efficient way.
In doing so, Robinhood has once again demonstrated its interest in positioning itself as a cryptocurrency industry-relevant company, considering that just a month ago, it unveiled plans to integrate the Lightning Network into its trading platform to accelerate Bitcoin (BTC). ) trade.
So now, the trading giant is entering the crypto world, competing with big names like Coinbase, Blockchain.com, and other platforms, and its services should meet the same quality standards, but at a much lower cost to users.
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