The popular cryptocurrency and stock trading app, Robinhood, has announced that its upcoming cryptocurrency wallet will not charge gas fees and support NFT, DeFi services and other token swap functions.
At the Permissionless Conference, Robinhood CEO and co-founder Vlad Tenev said that decentralized finance (DeFi) "has the potential to be the operating system that powers the future of financial services." For this reason, the company wants to enter the cryptocurrency market with a tool capable of fully exploiting the capabilities offered by DeFi's products and services.
"With our web3 wallet, we're building a product that will satisfy the most advanced DeFi devotees while creating a safety guide for beginners to use cryptocurrencies to dive deeper into the ecosystem."
In addition, this new wallet is said to be flexible and has a user-friendly interface to facilitate all new users who may not yet have experience of cryptocurrencies.
Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty
— Robinhood (@RobinhoodApp) May 17, 2022
Robinhood's DeFi wallet is cheap but also safe
In addition to the no-fee trading feature, one of the strongest points of the wallet is that it will not be detained. This means that only the owner has and controls their own keys. Something similar to what other Web3-focused wallets – like Coinbase or Metamask – have to offer.
Ultimately, this means that users will be able to store their NFT securely without having to worry about various exploits or hacks that have targeted NFT platforms and other cryptocurrency exchanges in the past.
In other words, Robinhood's new wallet will be as good as any other wallet but doesn't charge a transaction fee.
Zero Fees: The Key to Conquering Cryptoverse
One of the most important questions about this new wallet is how will they manage to not charge a commission if they use the Ethereum network? Robinhood explained that it will rely on third-party liquidity providers to come up with the best price when swapping tokens. This makes it easy for you to process a large number of transactions in the most efficient way possible.
In this way, Robinhood once again expressed its interest in positioning itself as a relevant company in the cryptocurrency industry, taking into account that just a month ago it revealed plans to integrate the Lightning Network into its trading platform to speed up bitcoin (BTC) transactions.
So now, the trading giant is entering the cryptocurrency world, competing with big names like Coinbase, Blockchain.com and other platforms, with services that must follow the same quality standards but at a much lower cost for users.
