Robinhood’s brand-new wallet allows cryptocurrency transactions to be free from transaction fees.
Robinhood will offer wallet with no fees
Robinhood, a popular trading app for stocks and cryptocurrencies, has announced its cryptocurrency wallet will not charge gas fees, will support non-converting tokens (NFT), as well as DeFi services and other token exchange features. This project has previously been discussed.
According to Vlad Tenev, CEO and co-founder of Robinhood, decentralized finance (DeFi) “has the potential to become an operating system that drives the future of financial services.” For this reason, Robinhood is preparing to enter the cryptocurrency market with a tool that will assist users in maximizing the full range of possibilities offered by DeFi products and services.
With our web3 wallet, we aim to create a product that will satisfy the most advanced DeFi supporters, while at the same time creating a tool that will allow those just beginning their journey into cryptocurrency to set their feet on the ground,” he added.
Furthermore, the new wallet should be user-friendly and smooth, making it easier for new users to enter the market.
In addition to its zero-fee trading feature, the portfolio’s strength is something else: Only cryptocurrency owners have access to their private keys. This is similar to what other web-based3 web-focused— like Coinbase or Metamask.
In the end, users will be able to store their NFTs securely without worrying about various exploits or hacking attacks that have targeted other cryptocurrency exchanges and NFT platforms in the past.
Robinhood’s new wallet will work like any other wallet, but will not charge transaction fees.
One of the biggest concerns about this new wallet is how it will handle commission-free transactions if it uses the Ethereum network. Robinhood explained that it will use third-party liquidity providers so as to provide the best prices to exchange tokens. This will allow it handle large numbers of transactions efficiently.
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