Robinhood started their Crypto Wallet Roll-out

Robinhood is a well-known investing platform that offers commission-free trading and investment services. Its not just crypto but they also provide the platform to buy stocks, IPO and they follow the same model in all these services where investors need not pay any commission. As far as I know then this is the first-ever platform on this model because any company that starts in trading business tries to earn through commission and its their business model. With this model, Robinhood tries to expand investing for everyone and they believe that this will help more users to be part of their investing platform through a variety of options.

Robinhood is based out in the US and now they along with trading have also started their crypto wallet. As of now, they are going to provide this wallet to the first 1000 users and in the next batch, they offer this to 10,000 users. They had a waitlist of the users and in the first phase, they have picked the first 1000 users to roll out their wallets with them. This is their beta program and

src

This is the second major milestone in our Wallets rollout, which will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets, and fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time

The wallet is an important tool to hold crypto and we have many wallets as of now including metamask, Binance wallet, etc but since the crypto ecosystem is growing so there is certainly a demand of more wallers. When users are increasing and the crypto ecosystem is growing so to cater to this demand we need more tools and services to bring innovation on the place. We get more controls on the decentralized wallet because we know the key whereas when we use an exchange wallet this key remains with the exchange. In crypto space we know that - Not your keys then not your money and this is why the key is such an important aspect that we can not ignore.

src

The hardware wallet is the best option when we think of safety because so far whenever seen any scenario where funds are lost from any hardware wallet however there are some limitations with this wallet. We cant use a hardware wallet on a daily basis if we hold an average amount of crypto because for each transaction there is a cost involved which we also need to pay when we interact with the software wallet but the amount of feel is less here as compared to a hardware wallet.

We need to choose the wallet as per usage and requirement. If we just want to hold the funds then a hardware wallet is best because we own everything this is the best solution to hold crypto however if we want to interact with multiple defi want it to earn passive income then hardware is not the right wallet. A decentralized what is needed to stake or money in Defi and in this segment metamask is a leader.

Recently even Brave browser has launched its inbuilt wallet which is better than an extension and no need to install extensions. It works fine on phone browsers as well however metamask is an extension based so we can't use it on phone browsers. Although we have the app for metamask the browser is a better option to go for.

Hope that Robinhood brings a highly advanced, safe, easy-to-use, fast, and innovative wallet that can compete with existing wallets. Since Robinhood is known for doing something different hopefully their wallet will also reflect their way of bringing more action on crypto space and funds management.

Thank you so much

Posted Using LeoFinance ^Beta