Robinhood introduces its new wallet
North American trading platform, lootingis accelerating its transition to Web 3.0 by officially announcing the arrival of its non-cache wallet:
Trade and exchange cryptocurrencies without fees online. web3 wallet from us Get early access: https://t.co/qonXj80BEB pic.twitter.com/qLjByPA4ty
— Robinhood (@RobinhoodApp) May 17 2022
It will be a digital wallet that allows To take full control of their cryptocurrency, such as MetaMask or Frame for example. But here the user experience will be prominent, so to achieve this easy to use For beginners.
We will find there Key Features Expected from a non-custodial wallet, the ability to interact with Decentralized Finance (DeFi) applications to exchange or grow their cryptocurrency, as well as the storage and display of non-fungible tokens (NFT), all on different blockchains.
Until then nothing seems transcendent in the face of competition, the value proposition is elsewhere. In fact, it seems that Robinhood Wallet no longer pays transaction fees. The app will then work with third party liquidity providers, but it is not revealing more information about this at this time.
👉 Going Ahead – Find Our Guide To Protecting Your Wallet From Hacking Risks
Possible downside to security
Despite the supposed qualities of Robinhood’s new product, two black spots could cloud that promise, although there’s no 100% confirmation of that at the moment. Will be Incompatibility with hardware wallet Ledger type and Mobile exclusive.
It is important to specify that there is nothing, in the present communication, that explicitly confirms this supposition, but nothing that contradicts it either, leaving the field open for questioning. As a result, a security issue can arise.
And for good reason, in the case of a non-secure wallet that is not protected by a hardware wallet, Money is completely at risk, because its recovery phrase is stored in the user’s machine. This could be a point of attack, as we saw recently with an investor who lost $655,000.
This type of risk is more present on mobile, because when we travel, we are likely to come into contact with all kinds of Unsecured Internet.
Without questioning Robinhood’s work, there is a question that should be watched. However, we must emphasize the company’s ability to make financial investments accessible to all, and it is these initiatives that will accelerate The democratization of our ecosystem to the general public.
If a release date has not yet been reported, it is possible to record your email address in a file Waiting listHoping for early access.
👉 Related – FTX CEO Sam Bankman-Fried Buys 7.6% Robinhood Stake
Sources: press release, waiting list
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About the author: Vincent Mayor
I shyly discovered the world of blockchain at the end of 2018 while searching for financial freedom. At first, I invested moderately, and after only two years, I took the risk of betting everything on the movement that was taking shape at the time. Then I devote 2021 to better training myself to gain more knowledge and earnestness. As I like to say often: I still have a billion things to learn. And what I know, I want to share with you.
All articles written by Vincent Meyer.