On Tuesday, Robinhood, a major US commission-free stock trading and investing app, announced that the company is building a non-custodial wallet that will allow its customers to have total control of their crypto in Web3.
Robinhood said that this new multichain web3 wallet will launch as a standalone app. Moreover. Customers will be able to hold the keys for their own crypto and access dApps to trade and swap crypto with no network fees, store NFTs and connect to NFT marketplaces, earn yield using their assets and access a variety of crypto assets.
“At Robinhood, we believe that crypto is more than just an asset class. By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer,” Vlad Tenev, the Co-Founder and CEO of Robinhood, commented.
For now, Robinhood customers can join this non-custodial wallet by signing up for its waitlist. Its Beta program will be available later this summer, and Robinhood noted that the wallet is set to be deployed fully by the end of the year.
Stock Lending Program Launch
Recently, Robinhood announced the official launch of the Stock Lending program. The platform aims to have a ‘democratized approach’ to paid securities lending. By enabling Stock Lending, Robinhood customers can lend out fully paid stocks in their portfolios. In addition, the Robinhood dashboard allows customers to track earnings, see their positions and enable or disable Stock Lending at any time.
Robinhood highlighted: “Fully paid securities lending is a demand-driven business, meaning that securities with limited supply have greater potential to be loaned out and the potential to yield greater returns than securities where supply is more liquid.”
