After a hard offset quarter, investing app Robinhood is doubling down on new production launches, peculiarly in its crypto unit, in hopes they will help buoy the business. CEO Vlad Tenev announced the company’due south plans to roll out non-custodial crypto wallets at the Permissionless DeFi conference in Florida today, starting with a waitlist that’s already open.

The market environment has posed challenges for the company as trading volumes have plummeted. Robinhood’s internet revenue dipped 43% to $299 meg in Q1, with crypto trading revenue specifically falling 39% to $54 million (meaning crypto trading deemed for nigh eighteen% of Robinhood’s total revenue before the finish of March).

Robinhood has been actively growing its crypto arm since the end of Q1 in a bid to attract users and boost trading volume. In the last month or and then, the exchange has rolled out custodial crypto wallets to its users, listed four new coins including Solana and Shiba Inu, and announced it would integrate with the Bitcoin Lightning Network to enable faster, lower-fee transactions.

22 million customers interact with its crypto products today, Robinhood CTO Johann Kerbrat told TechCrunch in an interview. With a custodial wallet, Robinhood holds the individual key on behalf of a user, significant that users can invest in crypto by tracking its price movements but they cannot direct transact with their crypto funds.

Now that information technology’south launching a non-custodial wallet, users will exist able to access and manage their own digital assets, including cryptocurrencies and decentralized apps (dApps) including NFTs, Kerbrat said. Kerbrat sees 2 key areas of differentiation for Robinhood’southward non-custodial wallet, which he said volition back up multiple blockchains — its user-friendly design and no-fee setup for customers.

The rollout will start at the terminate of the summer, he added. The visitor’due south goal is to have the wallet available to all users across the globe past the end of 2022.

Coinbase, another pop crypto substitution, too offers two types of wallets — custodial and non-custodial — in two unlike apps, the latter being Coinbase Wallet. Coinbase Wallet is free to utilise but does pass on individual transaction fees to its users.

Robinhood, in contrast, won’t charge its customers whatever fees for using its non-custodial wallet, including network fees for trading and swapping crypto, Kerbrat said.

The Robinhood not-custodial wallet, which Kerbrat said still hasn’t been officially named, will operate every bit a standalone app. In improver to allowing users to store NFTs in the wallet, it will also serve as a point of connectivity to the decentralized finance (DeFi) ecosystem, giving customers access to DeFi protocols through which they can earn a yield on their coins past lending or staking them, Kerbrat said.

To set upwards an account, users won’t need to share any personal information with the commutation unless they choose to connect their non-custodial wallet with their Robinhood app, he added.

“Nosotros want to make certain that at that place’s nevertheless a good tie betwixt the 2 products. If you want an on-ramp or off-ramp from fiat to crypto, you can apply Robinhood, but you lot’re not forced to do it,” Kerbrat said.

Kerbrat hopes the announcement today will encourage dApp developers and protocols to integrate with Robinhood’s wallet.

“We notwithstanding call up that the main reason why many people are not using not-custodial wallets is that it’s also complicated on top of the fees everywhere. Then we don’t want to just do a project — we actually want to really help understand what’s going on and integrate to dApps.

Robinhood’s shares soared over 20% last week subsequently FTX, a crypto exchange run by billionaire Sam Bankman-Fried, disclosed that it had bought a 7.6% pale in the company. The stock was trading around $10 per share equally of apex EST on Tuesday, still markedly beneath its 52-calendar week high of $85.