How To Find Robinhood Crypto Wallet

Robinhood lets users manage their own crypto wallets in push to spur trading

Later a difficult commencement quarter, investing app Robinhood is doubling down on new production launches, particularly in its crypto unit, in hopes they volition help beacon the business. CEO Vlad Tenev announced the company’s plans to roll out not-custodial crypto wallets at the Permissionless DeFi briefing in Florida today, starting with a waitlist that’southward already open.

The market environment has posed challenges for the company every bit trading volumes have plummeted. Robinhood’s cyberspace revenue dipped 43% to $299 meg in Q1, with crypto trading revenue specifically falling 39% to $54 million (pregnant crypto trading deemed for virtually 18% of Robinhood’s total acquirement earlier the end of March).

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

22 million customers collaborate 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, meaning that users can invest in crypto by tracking its price movements only they cannot direct transact with their crypto funds.

Now that it’s launching a non-custodial wallet, users volition be able to access and manage their own digital assets, including cryptocurrencies and decentralized apps (dApps) including NFTs, Kerbrat said. Kerbrat sees two 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 stop of the summer, he added. The company’s goal is to have the wallet available to all users beyond the globe by the end of 2022.

Coinbase, some other popular crypto exchange, also offers ii types of wallets — custodial and non-custodial — in two different apps, the latter being Coinbase Wallet. Coinbase Wallet is free to use just does pass on individual transaction fees to its users.

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

The Robinhood non-custodial wallet, which Kerbrat said notwithstanding hasn’t been officially named, will operate equally a standalone app. In addition 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 tin earn a yield on their coins by lending or staking them, Kerbrat said.

To set up an business relationship, users won’t demand to share any personal data with the exchange unless they cull to connect their non-custodial wallet with their Robinhood app, he added.

“We want to make sure that there’s still a expert tie between the two products. If yous want an on-ramp or off-ramp from fiat to crypto, you can use Robinhood, but you’re not forced to exercise information technology,” Kerbrat said.

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

“We notwithstanding think that the chief reason why many people are not using non-custodial wallets is that information technology’south too complicated on top of the fees everywhere. And so nosotros don’t desire to just do a projection — we actually want to really help empathize what’s going on and integrate to dApps.

Robinhood’s shares soared over xx% final week afterwards FTX, a crypto exchange run past billionaire Sam Bankman-Fried, disclosed that it had bought a 7.half dozen% stake in the company. The stock was trading effectually $10 per share as of noon EST on Tuesday, still markedly below its 52-calendar week high of $85.

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