One month after Robin Hood has released its first crypto wallet, the company announced that it is working on the second. The new wallet will be non-custodial, giving users sole custody of the private keys needed to control their money in the blockchain. This means that users will not be dependent on Robinhood if the system fails, but will also risk losing their funds altogether if they enter the private key incorrectly.
Robin Hood says the new wallet will be offered as a standalone app, but hopes it will “present the same simple, affordable design” as its core service. The wallet will offer the ability to store and trade cryptocurrencies, including many that are not available through the main Robinhood app, “free of charge”, N support NFTs և DeFi (decentralized finance) protocols.
Although Robinhood is best known as a stock trading platform for the past year Meme stock trading fury, cryptocurrency purchases have become an increasingly important part of his business. Announcing the overall availability of its crypto wallet last month, the company said bitcoin is the No. 1 recurring asset its users bought in 2022. CoinDesk: reports at the time.
Prior to launching its first wallet, Robinhood allowed its users to buy and sell cryptocurrency on its platform but not spend it, effectively allowing it to be used only as a speculative asset.
Custodian wallets, as Robinhood released earlier this year, are generally considered a more convenient introduction to the crypto world, where there is less risk of losing assets due to incorrect credentials. But among cryptocurrency lovers, the phrase “neither your keys nor your coins” has become a popular critique of custodial wallets, claiming that you only have real control over your digital assets if you keep your personal key alone. The addition of Robinhood’s new non-custodial wallet should allow it to serve both types of customers.
Robinhood says it will launch its non-custodial wallet in beta “later this summer” and invites anyone who wants to try it out to join its waiting list. The full operation is expected by the end of the year.
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