It seems that the crypto exchange Coinbase has new competition. Check out the latest news about the issue below.
Robinhood to compete with Coinbase
It’s been just revealed that the popular crypto exchange Coinbase has some new competition. Retail trading platform Robinhood is launching a new non-custodial crypto and non-fungible token (NFT) wallet. This move will be made in the company’s latest push to embrace the digital asset space.
According to a new press release, Robinhood has already started developing a multichain Web 3.0 wallet.
This new wallet is set to allow investors to have total control of their digital assets as well as grant them access to decentralized web protocols.
When they will be using the wallet, traders will have the ability to swap crypto assets with no network fees, connect to NFT markets and store their own NFTs, and earn yield using their assets.
The online publication the Daily Hodl noted that during a recent interview with CNBC, Robinhood CEO and co-founder Vlad Tenev made sure to highlight the fact that this wallet will be serving as a way to expand access to decentralization exchange platforms.
More than that, it will also hand over the ownership of digital assets to their owners. This is extremely important these days when financial freedom is crucial.
“Our primary objective is to give customers a great product, an opportunity to not just trade through the centralized exchange of Robinhood, but also keep complete control and custody of their keys and help them access decentralized exchanges and swap coins…” he said.
Tenev continued and said the following:
“Our focus is on just making sure that this is the way for our customers to access Web 3.0 and maintain self custody going forward.”
According to the latest reports, customers can now sign up for the waitlist to get early access to the beta wallet, which will launch sometime during mid-2022.
The same press release noted that the full product is slated to be released by the end of the year.