Robinhood plans to launch a non-custodial crypto wallet for web3 before 2023
Robinhood, the popular stock trading platform, has announced that it is developing a non-custodial cryptocurrency wallet. The company already has a crypto wallet, but it is custodial. Robinhood says that its new wallet will be a standalone app and will feature a simple and intuitive design.
The main difference between a custodial and a non-custodial wallet is that, in the case of the latter, the users alone hold the private keys to their crypto assets. Non-custodial wallets offer improved security owing to their private nature. However, it is a double-edged sword.
Where you can recover your crypto assets if you forget your credentials when using a custodial wallet, with a non-custodial wallet, you’ll lose access to your crypto assets forever if you forget your private keys.
Robinhood’s new wallet will also allow you to trade digital currencies, including NFTs and Defi protocols, without any fees.
Finally, the company is planning to launch the beta this summer, followed by a full release before 2023.