Robinhood wants to make that dream come true where crypto transactions don’t incur fees.
The famous stocks and crypto trading app, Robinhood, declared that its upcoming crypto wallet will not set gas fees and support non-fungible tokens (NFT), DeFi services, and other token exchange functionalities.
At the Permissionless Conference, Robinhood CEO and co-founder Vlad Tenev told that decentralized finance (DeFi) “has the possibility to be the operating system that powers the future of financial services.” For this reason, the company wants to split into the crypto market with a tool capable of tapping into the full range of possibilities presented by DeFi products and services.
“In our web3 wallet, we are making a product that will not only assist the advanced DeFi devotees but will also help those who are just beginners in crypto to go deeper into the ecosystem.”
In addition, this new wallet is believed to be fluid and has a user-friendly interface to promote entry for all new users who may not be experienced in cryptocurrencies.
Robinhood’s DeFi Wallet is Affordable, and also Secure
The strongest points about this wallet are its zero-fee trading feature and it will be non-custodial. It means that only holders will own and manage their private keys.
Ultimately, this indicates that users will be able to safely store their NFTs without stressing 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 just as useful as any other wallet, but without charging transaction fees.
No Fees: The Key To Conquer The Cryptoverse
One of the most crucial questions about this new wallet is how will they manage not to charge charges if they use the Ethereum network? Robinhood explained that it will use third-party liquidity providers to offer the best prices when trading tokens. This makes it easier to handle an enormous number of transactions in the most productive way possible.
So now, the trading giant is entering the crypto world, competing against big names with services that should be under the same quality standards but at a much lower cost for the users.