What will Robinhood’s new non-custodial Web 3 crypto wallet look like?

Highlights

• On 17 May, Robinhood announced that it would be launching a new standalone Web 3.0 crypto non-custodial wallet which will make the users the owners of their private keys, giving them greater power and control over their wallets. 
• The new multi-chain Web 3 wallet launch is expected to see the light of the day by the end of Q2 2022 and will feature the same seamless and accessible design that Robinhood usually offers.
• At the time of writing, on 19 May, Robinhood was down by 3.28% on NASDAQ and was trading at US$9.73 with a volume of US$19.92 million.

Sometime in April 2022, Robinhood announced its foray into the crypto world with its first crypto wallet. Robinhood had already been allowing its users to spend and trade a select set of digital assets. It also made the services available for all eligible members. 

One month later, on 17 May, Robinhood announced that it would be launching a new standalone Web3 crypto non-custodial wallet. The new Web3 wallet will make the users the owners of their private keys, giving them greater power and control to conduct transactions on any blockchain. 

Also read: Can Bitcoin kick start a rally anytime soon?

The new multi-chain Web 3 wallet launch is expected by the end of Q2 2022 and will feature the same seamless and accessible design that Robinhood usually offers.

What does a non-custodial wallet mean?

A non-custodial wallet is a type of wallet which lets the users be their bank. This ensures that the users have full custody of their assets, using the service provider merely as an interface to operate or manage the assets. 

Although Robinhood does offer a web-based custodial wallet, the users with the new non-custodial wallet can gain access to their accounts using a private key, along with a 64-digit password, which, when lost, cannot be recovered. 

Eye on the future? 

Robinhood feels that with the new wallet, the customers will have complete access to their cryptos and get a more significant opportunity to participate in the crypto ecosystem. Ask Vlad Tenev, Robinhood’s Co-founder and CEO, and he would tell you that by offering this new cost-effective and design-friendly wallet, the users can maximise their crypto user experience. 

Robinhood has been pretty aggressive in the crypto space of late. On 20 April, Robinhood acquired UK crypto firm Ziglu, showcasing their intent to expand. The acquisition comes at a time when Robihood’s Q1 2022 result showed that its total net revenue decreased by 43%, from US$522 million in Q1 2021 to US$299 million in Q1 2022.

But with the Ziglu acquisition, Robinhood hopes it can attract more users and volume on its exchange. Robinhood had even extended its official trading hours by four hours. 

How is Robinhood faring on the market? 

Despite the recent developments, it has had little impact on its market performance. In fact, at the time of writing, Robinhood was down by 3.28% and was trading at US$9.73 on NASDAQ with a volume of US$19.92 million. 

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But with the quick developments, Robinhood has shown its intent, and it would hope for better days once the crypto market recovers following the recent crypto flash crash. 

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