Robinhood To Launch NFT-Compatible Crypto Wallet With Zero Fees For DeFi Users

Crypto trading platform Robinhood has announced that its upcoming crypto wallet will not charge gas fees. The platform will also start supporting non-fungible tokens (NFTs), Defi services and other token swap functionalities.

“At Robinhood, we believe that crypto is more than just an asset class,” said Vlad Tenev, co-founder and CEO of Robinhood, in a blog post published Tuesday.

“By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer," the post said.

Apart from the zero-fee trading feature, the wallet is non-custodial, essentially meaning that only the holder will possess and control their private keys.

Users will be able to safely store their NFTs without stressing about the exploits or hacks that have targeted other NFT platforms and cryptocurrency exchanges in the past.

In other words, Robinhood’s new wallet will be just as good as any other wallet, but without charging transaction fees.

Customers can join the waitlist to get early access to the new web3 wallet.

"Trade and swap crypto with no network fees. A web3 wallet from us. Get early access: http://rbnhd.co/web3-wallet," the platform said in a tweet.

Robinhood demonstrated its interest in positioning itself as a relevant company in the cryptocurrency industry. Last month, it unveiled plans to integrate Lightning Network into its trading platform to speed up Bitcoin transactions.