Robinhood to launch an App that would let users hold their own NFTs
May 18, 2022
Popular crypto exchange, Robinhood has recently announced that it will be launching an app that would enable its users to hold their own NFTs and cryptocurrencies.
This in turn happens to be the latest move to be done by Robinhood in the NFT and crypto space.
With the introduction of the app, the crypto exchange will come under direct competition from the likes of Coinbase which according to its CEO, Brian Armstrong has the most downloadable mobile self custody wallet in the United States.
However, with the app, Robin hood users will be able to store their NFTs and also connect to various NFT marketplaces.
In addition, users will be able to earn revenue from other platforms and at the same time be able to access and benefit from other services provided on other exchanges.
Robinhood of recent has been putting in a lot of work as before this announcement, it added more crypto products and features to increase revenue and growth.
This was in addition to the crypto wallet it launched in April for its users which is still available for downloads within the Robinhood app.
CEO of Robinhood Vlad Tenev had this to say:
“We believe that crypto is more than just an asset class. 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 keys and experience all the opportunities that the open financial system has to offer.”
Users of Robinhood who would like to gain access to the new wallet will have to join a waitlist first as the app would also be made available for users outside of the United States.
Robinhood has made it clear that the new app won’t be charging any network fees despite the increasing costs of Ethereum and Bitcoin fees.
According to the exchange, the app will rely on third-party liquidity providers “competing” for customers’ transactions behind the scenes, to offset those network fees.
Robinhood makes most of its revenue off of transaction fees in its core trading business, through a brokerage-industry practice called payment for order flow.
Robinhood is a crypto exchange that is on a mission to democratize finance for all.
A notable feature of the exchange is the fact that it charges 0% fees to users who wish to buy and sell crypto in contrast to other exchanges which charge up to 4%.
The crypto exchange has a cash card that gives weekly rewards to users and at the same time helps them build investing habits.
The exchange also topped last year’s CNBC Disruptor 50 list and made its name by offering commission-free stock trading.
Its value and user base soared during the pandemic as it ushered in a new generation of traders.
It also became the center of the meme-stock saga after restricting trading in GameStop, the highly shorted name Reddit traders bought in defiance of Wall Street short-sellers.
Lastly, Robinhood is a platform that is well suitable for every investor as they can invest in stocks, options, and ETFs at their pace, commission-free, with as little as $1.
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