If you’ve become so impoverished because of the crypto winter that you can’t afford to pay for your crypto transactions’ fees, stay here; Robinhood might be the remedy to all your worries.
Robinhood, a well-known stock and cryptocurrency trading app, has announced that its new crypto wallet would have no gas fees and will enable NFT, DeFi services, and other token exchange features.
Decentralized finance (DeFi), according to Robinhood CEO and co-founder Vlad Tenev, “has the potential to be the operating system that powers the future of financial services.” As a result, the firm is trying to break into the crypto industry with a tool capable of utilizing the whole spectrum of DeFi items & services.
“With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem.”
Furthermore, this new wallet is planned to be flexible and have a user-friendly interface to make it easier for new users who are unfamiliar with cryptocurrency to get started.
Private, safe, non-custodial
One of the wallet’s main features, aside from the zero-fee trading option, is that it’ll be non-custodial. Only its holder has access and control over their private keys. Something along the lines of what other Web3-focused wallets like Coinbase or Metamask provide.
Eventually, users will be able to securely hold their NFTs without having to worry about the many flaws or attacks that have previously affected other NFT platforms and cryptocurrency exchanges. Simply put, Robinhood’s new wallet will be just like any other wallet, but it will not charge transaction fees.
Robinhood will provide the lowest prices
One of the most pressing concerns about this upcoming wallet is how they would avoid charging fees if they use the Ethereum network. When it comes to token switching, Robinhood indicated that it will rely on third-party liquidity providers to deliver the lowest pricing. This allows for the most efficient handling of a large number of transactions.
Robinhood indicates its desire to establish itself as a prominent company in the cryptocurrency market, especially since it just announced intentions to incorporate Lightning Network into its trading platform to speed up bitcoin (BTC) transactions just a month earlier.
The trading behemoth is already joining the crypto arena, competing against huge names like Coinbase, Blockchain.com, and other platforms with offerings that should meet the same standards of quality but at a far cheaper cost to customers.