Nifty News: Robinhood to launch a Web3 wallet, LimeWire inks deal with Universal and more
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Robinhood’s wallet will be noncustodial and multichain, allowing for the storage of NFTs along with the ability to connect to NFT marketplaces
Popular trading platform Robinhood is creating a noncustodial crypto wallet that will be compatible with multiple blockchains.
The wallet will be a standalone application with the ability to store nonfungible tokens (NFTs) and connect to NFT marketplaces. A promo video released for the wallet shows a demonstration using Ethereum-based NFTs.
The app is a significant step for the company in providing crypto services. Prior to January 2022, trading crypto on Robinhood was a closed system with users unable to withdraw cryptocurrency.
On Jan. 21, Robinhood opened up crypto withdrawals to 1,000 users, allowing them to send crypto off the platform. That number was later expanded in April to the more than 2 million users on a waitlist.
Currently, the wallet is limited by an identity verification process and only supports seven assets: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Ethereum Classic (ETC) and Litecoin (LTC).
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