Imagine a world where crypto transactions don’t generate fees. Robinhood wants to make that dream come true with its new wallet.
If this crypto winter made you so poor that you cannot even pay for the fees of your crypto transactions, keep reading; Robinhood might have the perfect solution to all your problems.
The popular stocks and crypto trading app, Robinhood, announced that its upcoming crypto wallet will not charge gas fees and support non-fungible tokens (NFT), DeFi services, and other token swap functionalities.
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 powers the future of financial services.” For this reason, the company wants to break into the crypto market with a tool capable of tapping into the full range of possibilities offered by DeFi products 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.”
In addition, this new wallet is supposed to be fluid and have a user-friendly interface to facilitate entry for all new users who may not be experienced in cryptocurrencies.
Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty
— Robinhood (@RobinhoodApp) May 17, 2022
Apart from the zero-fee trading feature, one of the wallet’s strongest points is that it will be non-custodial. This means only the holder will possess and control their private keys. Something 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 worrying about the different exploits or hacks that have targeted other NFT platforms and cryptocurrency exchanges in the past.
In other words, Robinhood’s new wallet will be just as good as any other wallet, but without charging for transaction fees.
One of the most critical questions about this new wallet is how will they manage not to charge commissions if they use the Ethereum network? Robinhood explained that it will rely on third-party liquidity providers to offer the best prices when swapping tokens. This makes it easier to handle a large number of transactions in the most efficient way possible.
In this way, Robinhood once again demonstrates its interest in positioning itself as a relevant company in the cryptocurrency industry, taking into account that just a month ago, it unveiled plans to integrate Lightning Network into its trading platform in order to speed up bitcoin (BTC) transactions.
So now, the trading giant is entering the crypto world, competing against big names like Coinbase, Blockchain.com, and other platforms, with services that should be under the same quality standards but at a much lower cost for the users.
Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He’s particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn’t looked back ever since.
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