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In an effort to increase trading activity, Robinhood has announced that it is planning to create a hot wallet with NFT support.
The platform’s new “Robinhood 3” wallet will let the users hold the keys of their crypto, as well as swap and trade cryptocurrencies and non-fungible tokens.
The platform will also allow access to a variety of crypto assets on other exchanges.
The wallet is going to offer the users no gas fees for the transactions even though many Ethereum and Bitcoin fees are rumored to run at $70 in some cases.
The new feature will create competition for Coinbase and MetaMask.
The CEO of Robinhood, Vlad Tenev, said: “By offering the same low cost and great design that people have come to expect from Robinhood, our web3 wallet will make it easier for everyone to hold their keys and experience all the opportunities that the open financial system has to offer.”
The Robinhood Wallet will be available internationally. The individuals can already sign up for the waitlist. The release is expected in the latter half of 2022. The Beta version will come out in the summer, with no exact date specified.
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