Robinhood, a prominent stock and cryptocurrency trading app, has announced that its future crypto wallet will have no gas fees and will enable non-fungible tokens (NFT), DeFi services, and other token swap features.
Decentralized finance (DeFi), according to Robinhood CEO and co-founder Vlad Tenev, “has the potential to be the operating system that powers the future of financial services.” As a result, the company is attempting to break into the crypto industry with a tool capable of utilizing the whole spectrum of DeFi goods and services.
“With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem.”
Furthermore, this new wallet is designed to be fluid and have a user-friendly interface to make it easier for new users who are unfamiliar with cryptocurrency to get started.
One of the wallet’s main features, aside from the zero-fee trading option, is that it will be non-custodial. Only the holder has access to and control over their private keys. Something along the lines of what other Web3-focused wallets like Coinbase or Metamask provide.
Finally, users will be able to safely store their NFTs without fear of the various flaws or attacks that have previously affected other NFT platforms and cryptocurrency exchanges.
To put it another way, Robinhood’s new wallet will be just like any other wallet, but it will not charge transaction fees.
One of the most pressing concerns about this new wallet is how they would avoid charging commissions when using the Ethereum network. When it comes to token switching, Robinhood indicated that it would rely on third-party liquidity providers to deliver the lowest prices. This makes it easy to efficiently handle a high number of transactions.
In this way, Robinhood reveals its desire to establish itself as a relevant company in the cryptocurrency market, especially since it just announced intentions to integrate Lightning Network into its trading platform to speed up bitcoin (BTC) transactions just a month ago.
As a result, the trading behemoth has entered the crypto realm, competing against huge names like Coinbase, Blockchain.com, and other platforms with services that should meet the same high standards as Coinbase but at a considerably lower cost to users.
