Prominent Exchange Robinhood Announces Launch of Non-custodial Web 3.0 Wallet

• Using Ethereum-based NFTs, the promotional video explains how they may be used.
• Like MetaMask, the wallet will allow storing private keys for crypto assets.

Non-custodial cryptocurrency wallets for several blockchains are being developed by the popular trading platform Robinhood. Non-fungible tokens (NFTs) may be stored in the wallet, and it will be able to connect to NFT marketplaces. Using Ethereum-based NFTs, the wallet’s promotional video explains how it may be used.

Similar to its Existing Rivals 

The app is a significant milestone in the company’s efforts to provide crypto-related services. Additionally, according to the statement, a dedicated app for the new multichain wallet will be released by the firm. The interface will be similar to Robinhood’s app, making trading more accessible.

Like MetaMask, the wallet will allow users to store their private keys for their crypto assets. Similar Coinbase and Binance wallets concentrate private keys under the management of the exchanges. Decentralized finance (DeFi) yield farming and a wide range of supported cryptocurrencies are also included in the list of features.

The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, purchased a substantial stake in Robinhood (HOOD) on May 2, according to an SEC filing. According to a registration made public on Thursday, Emergent Fidelity Technologies Ltd., an Antiguan company, bought a 7.6 percent ownership in the popular trading app. As of market closure, it was valued at around $482 million, or 56 million shares. Following the news, shares of HOOD rose by 28 percent.

JPMorgan believes Robinhood (HOOD) might be adversely affected in the future by its users’ poor performance in the stock market. According to the bank’s data, Robinhood users had negative returns in the past three quarters: third quarter 2021, fourth quarter 2021, and first quarter 2022.