Popular stock and cryptocurrency trading platform Robinhood has announced the upcoming launch of a separate non-custodial wallet for dealing with DeFi projects and collectible tokens.
In a press release highlightsthat the new wallet “will give users direct control over assets and access to the decentralized internet.” In fact, Robinhood is preparing an analogue of the most popular cryptocurrency wallet MetaMask. However, the developers promise a convenient and modern design of the application, which will allow even beginners to deal with DeFi projects. The launch is planned for the end of the year, and it will be a separate application, not related to the main platform.
“We at Robinhood believe that cryptocurrencies are more than just an asset class. DeFi could be the operating system for the future of financial services. And we want to give people access to the full range of opportunities that these revolutionary technologies provide. The new wallet will satisfy even the most advanced members of the DeFi community and create a safe path into the community for those who are just getting into cryptocurrencies,” said Vlad Tenev, co-founder and CEO of Robinhood.
To attract users, the company plans to reduce fees for the exchange of tokens. It plans to do this with the help of third-party liquidity providers. Also, Robinhood is not going to make a profit from the product, at least not in the short term.
The company also plans to release full-fledged educational materials that will allow even beginners to understand the topic of cryptocurrencies, NFT and DeFi. Various warnings will be built into the application, which may help users to refrain from risky transactions and investments.
Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, recently acquired a stake in Robinhood, after which the shares of the financial platform rose by almost 30%. The deal amounted to $650 million.
Source: Bits
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