Financial services company Robinhood Markets plans to launch a new cryptocurrency custodial wallet for decentralized finance and NFTs.
The users of the Web 3 wallet will be allowed to lend, stake, farm yield, and purchase non-fungible tokens the same way with the MetaMask wallet. The firm is yet to announce the blockchain that it will use.
The announcement comes after launching a restricted crypto wallet in April that enabled users to move tokens in the Robinhood brokerage addresses. Robinhood boss Vlad Tenev hinted at the Web 3 crypto wallet during the Permissionless conference in Palm Beach.
Robinhood Crypto Chief Technology Officer Johann Kerbrat says that the new product will address the need of users looking for advanced use cases of crypto. The Web 3 wallet, unlike that of Coinbase, is not integrated.
Coinbase recently integrated a similar service in its application that allows users to access Ethereum-based Dapps.