Robinhood to launch non-custodial crypto wallet

Online broker Robinhood announced the creation of a non-custodial Web3 wallet, which will give users full control over their cryptocurrency and direct access to DeFi and NFT segments.

The new multichain app will be autonomous from the company’s existing platform.

According to the statement, clients will be able to hold private keys and access dapps for:

• trading and swaps with zero network fees;
• storing NFTs and connecting to marketplaces;
• earning income from their crypto assets.

Robinhood opened an early-access waitlist for the product.

“We believe that cryptocurrencies are more than just a class of assets. By offering the low costs and the great design that people expect from Robinhood, our Web3 wallet will enable people to explore the possibilities of an open financial system,” said Robinhood CEO Vlad Tenev.

The company expects to begin beta testing the app this summer, with a full launch by the end of 2022.

The custodial wallet testing program began in January for some users.

Earlier in April, Robinhood acquired the Ziglu startup, which is developing its own app for storing and managing cryptocurrencies.