Robinhood’s Web3 Cryptocurrency Wallet Rollout Expected by the End of 2022
Robinhood CEO Vladimir Tenev announced on Twitter that the company’s upcoming Web3 Cryptocurrency Wallet There is now a waiting list of over 1 million people.
According to the Bulgarian-American entrepreneur, the wallet will enter the beta testing phase from next week.
Robinhood announced its non-custodial Web3 wallet in May, which is geared towards merchants in the decentralized financial ecosystem. The announcement was accompanied by a hilarious promotional video that showed an ape stepping into a full-sized green portal.
The company claimed that its customers can jump on the waiting list by inviting more customers to join.In early April, Robinhood announced that its wallet was made available to all eligible users on the waiting list. The new feature allowed users to withdraw crypto from their brokerage account. Native Crypto Wallet has several limitations: it does not support NFT and all cryptocurrencies that are yet to be listed by the company. The company has warned that tokens sent to Robinhood’s address are likely to be lost forever.
Meanwhile, the new Web3 Wallet supports widely requested features such as yield farming, staking and NFT support. It is specially designed for advanced customers. The rollout of the wallet is expected to be completed by the end of this year.
As reported by U.Today, the popular trading app recently expanded its offering by adding Shiba Inu (SHIB), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX) and other coins. This has marked a major departure from its conservative listing policy.