Robinhood, the centralized exchange that offers commissionless trading in return for payment for order flow from market makers, has announced its web3 wallet. The wallet claims to offer crypto trades without swap fees and has over 150,000 people on the waitlist already.
Users can jump up the waitlist by referring friends to the waitlist, but no date has been set for a full release. However, Robinhood has released a promotional video for the wallet, which can be seen below.
In the bizarre animated video, we see a group of apes waking up in a cave as the sun shines in from outside. The apes awakened and exited the cave finding a strange obelisk containing an ominous green portal.
One apes touches the portal, sending electricity shooting across its body. A full-sized portal then appears into which the ape steps. As the camera follows, the audience is greeted with a surreal cacophony of colors and shapes, followed by the Robinhood logo. The slogan,
“Trade and swap crypto
No network fees”
You can sign up for the wallet on the Robinhood website.
Robinhood began allowing zero-fee crypto trades back in 2018, but many we unhappy with their inability to withdraw tokens from the exchange. In 2021 it started a pilot scheme to allow users to withdraw crypto from their exchange accounts.
Given that users can now withdraw crypto from Robinhood, it makes sense that they would create a non-custodial wallet to complement their exchange services. Users will be able to withdraw crypto from the exchange and send it to their non-custodial web3 wallet.
It will allow users to swap tokens without any network fees is unclear at this point. However, the fees may be negligible as opposed to non-existent.
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