If this crypto winter made you so poor that you cannot even pay for the fees of your crypto transactions, keep reading; Robinhood might have the perfect solution to all your problems.
Popular stocks and crypto trading app Robinhood has announced that its upcoming crypto wallet will not charge gas fees and will support non-fungible tokens (NFTs), DeFi services and other cryptocurrency features. exchange of tokens.
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 break into the crypto market with a tool capable of tapping into the full range of possibilities offered by DeFi products and services.
“With our Web3 wallet, we are building a product that will satisfy the most advanced DeFi believers while creating a safe on-ramp for those new to crypto to delve deeper into the ecosystem.”
In addition, this new wallet is supposed to be fluid and have a user-friendly interface to facilitate entry for all new users who may not be experienced in cryptocurrencies.
Robinhood’s DeFi wallet is cheap, but also safe
Besides the free trading feature, one of the highlights of the wallet is that it will not be custodian. This means that only the holder will own and control their private 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 safely store their NFTs without worrying about the different exploits or hacks that have targeted other NFT platforms and cryptocurrency exchanges in the past.
In other words, Robinhood’s new wallet will be as good as any other wallet, but with no transaction fees.
Zero Fees: The Key To Conquer The Cryptoverse
One of the most critical questions about this new wallet is how will they manage not to charge commissions if they use the Ethereum network? Robinhood explained that it will rely on third-party liquidity providers to offer the best prices when swapping tokens. This makes it easier to handle a large number of transactions in the most efficient way possible.
In this way, Robinhood once again demonstrates its interest in positioning itself as a relevant company in the cryptocurrency industry, considering that just a month ago it disclosed its intention to integrate Lightning Network with its trading platform to speed up bitcoin (BTC) operations.
So now, the trading giant is entering the crypto world, competing against big names like Coinbase, Blockchain.com, and other platforms, with services that should be under the same quality standards but at a much lower cost for the users.
