Robinhood's Cross-Chain Web 3.0 Wallet Expands Crypto Offering

21 May 2022

This week, e-trading platform Robinhood is back in the spotlight as it prepares to launch a new crypto wallet service. 

Allows customers to connect Robinhood accounts to various blockchain platforms through a Web 3.0 wallet.

To date, Robinhood's cryptocurrency business has grown rapidly.

The firm had been relatively silent in this sector in previous years; in January 2018, Robinhood adopted crypto and added a slew of additional currencies in July of that year.

After that, though, it did nothing to improve its digital currency platform.

However, Robinhood's crypto capabilities were brought back into the spotlight last year.

The crypto trading floor of Dogecoin (DOGE-USD) was a major factor in the cryptocurrency's price increase in early 2021.

With a Robinhood account, non-crypto currency investors might purchase DOGE at this time. Only DOGE transactions contributed to more than 60 percent of the company's revenue in the second quarter of 2019.

After years of silence, this event sparked a discussion regarding Robinhood's expansion into other markets. 

There were no new items released in 2021, but that changed in 2022 when the floodgates were opened. 

Four more currencies were introduced to the platform in April. 

In addition, the Lightning Network was incorporated into the company's first-ever crypto wallet, making transactions quicker and more affordable.

Robinhood has had a busy year so far in 2022. However, the corporation isn't done yet; rumors say another cryptocurrency wallet is already in the works for customers.

A new Web 3.0 wallet from Robinhood was launched yesterday. Wallet users' crypto assets will not be held by this wallet or any other third-party service. 

Instead, users will be in charge of their private keys and be unrestricted in their ability to move their assets as they see fit.

Additionally, users will be able to trade and shift crypto without incurring any network costs. 

As a result, they won't be subjected to the often high transaction costs of trading financial instruments.

According to the business, this fee-free trading is contingent on the success of Ethereum's (ETH-USD) Merge upgrade scheduled for late summer.

As a result of "Web 3.0," users will be able to transport crypto across many blockchain networks using their wallets.

By the end of 2022, this redesigned wallet should be available for purchase. 

Users may join Robinhood's mailing list to keep up with the latest developments. 

HOOD stock briefly rose before tumbling back into the red in response to today's news. 

The company's stock is now down by about 3%.

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