Permission less, Robinhood has announced a web3 wallet that claims to offer zero swap fees during Permission less.
The centralized exchange Robinhood, which provides commission-free trading in exchange for payment for order flow from market makers, has announced its web3 wallet. The wallet claims to offer cryptocurrency exchanges free of swap fees, and it already has over 150,000 people on its waitlist.
Users can move up the waitlist by referring their friends to the waitlist, but no release date has been set. Nonetheless, Robinhood has released a video advertisement for the wallet, which can be viewed below.
In the bizarre animated video, we observe a group of apes awakening in a cave as the sun rises. The apes awoke and exited the cave, where they discovered a peculiar obelisk containing a foreboding green portal.
When one of the apes touches the portal, electricity shoots through its body. The ape then enters a full-sized portal that materializes. The audience is greeted by a surreal cacophony of colors and shapes, followed by the Robinhood logo, as the camera follows. The motto,
“Trade and swap crypto
No network fees”
You can sign up for the wallet on the Robinhood website.
In 2018, Robinhood began permitting zero-fee crypto trades, but many users were dissatisfied with their inability to withdraw tokens from the exchange. In 2021, it began a pilot program that allowed users to withdraw cryptocurrency from their exchange accounts.
Given that Robinhood users can now withdraw cryptocurrency, it makes sense for them to offer a non-custodial wallet alongside their exchange services. Users will be able to withdraw cryptocurrency from the exchange and send it to their web3 wallet.
Whether or not users will be able to exchange tokens without incurring network fees is currently unknown. Nevertheless, the fees may be negligible rather than nonexistent.
Bottom Line : Robinhood, which provides commission-free trading in exchange for payment for order flow from market makers, has announced its web3 wallet. The wallet claims to offer cryptocurrency exchanges free of swap fees, and it already has over 150,000 people on its waitlist. Robinhood has released a video advertisement for the wallet, which can be viewed below.
Source : Crypto Slate | Web 3
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