Trading firm Robinhood plans to launch a new crypto wallet focused on decentralized finance (DeFi) for clients who want to take part in the crypto economy by the end of 2022.
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Vlad Tenev, CEO of Robinhood, teased the launch of the Web 3 crypto wallet at the Permissionless conference in Palm Beach, Florida.
The company’s announcement comes after last month’s launch of a more tightly controlled crypto wallet that was basically a halfway house for users moving tokens in and out of their brokerage accounts.
Users of the fully separate Web 3 wallet will be able to lend, stake, yield farm, and purchase NFTs similar to a MetaMask wallet.
Robinhood’s upcoming wallet, it starts testing in summer, is set for direct competition with Coinbase’s (COIN) own offering, with advanced features.
Both investing giants are making it easy for their crypto-trading clients to invest assets into DeFi without leaving their wallet platforms.