Robinhood HELPING the rich? That’s a new one

By Scoop
May 19, 2022 · less than 3 min read

The trading platform is creating a crypto wallet that will let users hold their own private keys. 

Feared by the bad, loved by the good 

Robinhood is making moves. Just last month, it released its first crypto wallet to the elation of its 2-million-strong waiting list. And now, just weeks later, a second wallet has been announced.  

What’s the big idea? The newly released wallet could be a lot more appealing in the current crypto climate. It’s non-custodial, which offers users sole custody over the private keys needed to control their money on the blockchain. So, if Robinhood goes down, users will still have access to their wallet. Although, just make sure you don’t lose the key – you could lose everything if you do.  

Ride or die 

The new wallet from Robinhood will be offered to users as a standalone app, and offers them the ability to store and trade cryptocurrencies – including some that are unavailable through the main Robinhood app. And to further demonstrate its commitment to the crypto space, it will also support NFTs and DeFi protocols. 

If you’re looking to hop on Robinhood’s horse and join the band, it’ll be launching its non-custodial wallet in beta “later this summer” – and we’re all invited to sign up for the ride.   

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