When it launches, Robinhood will be in direct competition with Coinbase and start-ups like MetaMask
Stock trading platform Robin Hood said its new “Robinhood 3” non-custodial wallet would allow users to hold the keys to their crypto, earn yield, and exchange or trade crypto, including non-fungible tokens, without paying fees network. Transactions will also be commission-free, he said.
Users will be able to store their NFTs and connect them to online marketplaces for the first time with the new digital Web3 wallet. When it launches, Robinhood will be in direct competition with Coinbase and start-ups like MetaMask. The new wallet will be available internationally after a waitlist is established, according to Robinhood.
Over the past year, Robinhood’s commercial industry has slowed significantly, with revenue dropping 43% year-over-year in the three months ending March 31. The shares have fallen more than 70% since their IPO in August and are now more than 88% below their all-time high.
In an effort to boost revenue and user growth, Robinhood has been adding new cryptocurrency features, and in late March, it added extended stock trading hours. Customers received an early version of the crypto wallet in April, which will remain available within the Core Robinhood app.
The previous wallet allowed Robinhood users access to the broader blockchain ecosystem, but it did not allow integration of Ethereum-based services or support for NFTs (non-fungible tokens). The functionality of this wallet was also limited to assets such as Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ether, Ether Classic and Litecoin.
Robinhood holds 41.05 billion Dogecoin
According to DogeWhaleAlert, a Twitter account dedicated to DOGE transactions, Robinhood continues to hold Dogecoin on behalf of its clients.
The Robinhood app currently holds a total of 41,051,656,733 Dogecoins, worth $3,654,582,689, according to a recent Twitter update given by @DogeWhaleAlert. This is also an astonishing 30.94% of the major meme cryptocurrency’s circulating supply.
The Dogecoin assets are held in two wallets, 3334959 and 1699275, with eight known digital addresses, according to the tweet.
