Robinhood doubles down on crypto & launches Web3 Crypto Wallet to compete w Coinbase & Metamask 👀; Spotify to launch NFT galleries 🎵; Is Axie Infinity done (so as other blockchain-based games)? 🤔
Good Morning FinTech, 18 May
Good morning Everyone,
And happy Wednesday! Today’s issue is undoubtedly the best one this week. From Robinhood doubling down on crypto as a lifeline to Spotify going NFTs and Axie Infinity struggling big time, today’s 3 FinTech stories are something you just cannot miss. Check it out yourself:
Robinhood doubles down on crypto as it launches Web3 Crypto Wallet to compete with Coinbase & Metamask 👀
The announcement 📣 Struggling retail brokerage app Robinhood is doubling down on its crypto unit as it hopes it will help to boost the business.
CEO Vlad Tenev announced the company’s plans to roll out non-custodial crypto wallets at the Permissionless DeFi conference in Florida.
The wallet 💳 The wallet will allow users to purchase and store NFTs, earn a yield on assets, and access a host of tokens not currently available on Robinhood. The new wallet will be a standalone application from Robinhood's existing stock and crypto platform and function similarly to other non-custodial wallets like the one from MetaMask or Coinbase.
A notable feature of this wallet is that Robinhood won’t charge its customers any fees for using its non-custodial wallet, including network fees for trading and swapping crypto. The company’s goal is to have the wallet available to all 22 million of its users across the globe by the end of 2022.
This move from under the $HOOD is not only a diversification play trying to boost a struggling business but also is a part of a bigger trend emerging at the intersection of CeFi & DeFi. Here’s the takeaway: