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Robinhood Expands on Crypto Offering With Cross-Chain Web 3.0 Wallet

  • Robinhood (NASDAQ:HOOD) is preparing to release another crypto wallet
  • The new Web 3.0 wallet will allow users to transfer funds from multiple different blockchains
  • This announcement comes during an aggressive push to expand the company’s crypto products and services
Robinhood app logo seen on smartphone on US dollar banknotes
Source: mundissima / Shutterstock.com

E-trading platform Robinhood is back in the news this week, readying another push into the crypto world with an additional wallet offering. Described as a Web 3.0 wallet, the product will allow users to bridge their Robinhood accounts with a number of blockchain platforms.

Robinhood’s crypto arm has seen great growth in 2022. In recent years, this area had been quiet for the company; Robinhood implemented crypto in January 2018 and added a grip of new coins in July of the same year. After that, though, it didn’t do much to beef up its digital currency platform.

However, last year called attention back to Robinhood’s crypto capabilities. Dogecoin (DOGE-USD) saw a huge price jump in early 2021, helped massively by the company’s crypto trading floor. Those outside of the crypto investing sphere could easily buy into DOGE at this time, so long as they had a Robinhood account. In the second quarter of 2021, DOGE transactions alone accounted for over 60% of the company’s revenue.

After remaining silent on new features for years, this catalyst opened up the conversation about Robinhood expanding to new fronts. While 2021 didn’t actually see any new products, 2022 has now opened the floodgates. In April, the platform added four new currencies. It also launched its first-ever crypto wallet and integrated with the Lightning Network to enable faster, cheaper crypto transactions.

Robinhood Web 3.0 Wallet Builds on Recent Wallet Rollout

Obviously, 2022 has been busy for Robinhood so far. But the company is not stopping just yet; word suggests the company is already planning another crypto wallet option for users.

Yesterday, Robinhood announced its incoming Web 3.0 wallet. This particular wallet will be non-custodial, meaning neither it nor any other third party will hold wallet users’ crypto assets. Rather, users themselves will be in control of their own private keys, not bound in the freedom they have with their assets.

Users will also be able to trade and swap crypto with no network fees. This will help them escape the sometimes asinine transaction fees that come with trading assets. The company says this fee-free trading is reliant on the success of Ethereum’s (ETH-USD) Merge upgrade slated for late summer. Users will also be able to move crypto across a number of different blockchain networks with the wallet — hence “Web 3.0.”

This new wallet launch is expected to happen by the end of 2022. In the meantime, users can sign up for Robinhood’s mailing list to stay updated. Today, HOOD stock saw a slight appreciation on the news before falling back into the red. Shares are currently down about 3%.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

Article printed from InvestorPlace Media, https://investorplace.com/2022/05/robinhood-expands-on-crypto-offering-with-cross-chain-web-3-0-wallet/.

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