Alex Dovbnya
The launch of Robinhood’s Web3 cryptocurrency wallet is expected to happen by the end of 2022
Robinhood CEO Vladimir Tenev announced on Twitter that the company’s upcoming Web3 cryptocurrency wallet now has a waiting list of more than 1 million people.
According to the Bulgarian-American entrepreneur, the wallet will enter the beta testing phase starting next week.
Robinhood announced its non-custodial Web3 wallet back in May, tailored for traders within the decentralized finance ecosystem. The announcement was accompanied by a hilarious promotional video showing a monkey entering a full-size green portal.
The company claimed that its customers could skip the waiting list by inviting more customers to join it.
In early April, Robinhood announced that its wallet had been made available to all eligible users on the waitlist. The new feature made it easy for users to withdraw crypto from their brokerage account. The original crypto wallet has a number of limitations: it does not support NFTs and any cryptocurrencies that have yet to be listed by the company. The company warns that tokens sent to a Robinhood address will likely be lost forever.
Meanwhile, the new Web3 wallet supports such commonly requested features as yield farming, staking, and NFT support. It is specially designed for advanced customers. The wallet rollout is expected to be completed by the end of this year.
As reported by U.Today, the popular trading app has significantly expanded its offerings, recently adding Shiba Inu (SHIB), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX), and other coins. This is a marked departure from its conservative listing policy.
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