Share this article
Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
Robinhood’s new custodial wallet will cater to “advanced” crypto users and live separately from the existing wallet, the firm’s Johann Kerbrat said.
By Cam Thompson
Updated May 11, 2023, 6:45 p.m. Published May 17, 2022, 5:31 p.m.
Trading firm Robinhood (HOOD) plans to roll out a new crypto wallet focused on decentralized finance (DeFi) for customers who want to participate in the crypto economy by the end of 2022.
Robinhood CEO Vlad Tenev teased the “Web 3 crypto wallet” at the Permissionless conference in Palm Beach, Florida, on Tuesday. Its announcement follows last month’s launch of a more tightly controlled crypto wallet, which was basically a halfway house for users moving tokens in and out of their Robinhood brokerage accounts.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Users of the entirely separate Web 3 wallet will be able to lend, stake, yield farm and even buy non-fungible tokens (NFTs) – much as they might with a MetaMask wallet. Those capabilities do not exist in Robinhood’s earlier wallet. It was not immediately clear which blockchain the custodial wallet intends to support.
Robinhood’s upcoming wallet – it begins testing in the summer, with a waitlist now open – is slated for direct competition with Coinbase’s (COIN) own offering, with expanded features announced Monday. Both investing giants are making it easier for their crypto-trading customers to actually deploy assets into DeFi without leaving their wallet ecosystems. Doing so could end up goosing DeFi protocols with a raft of new users.
While Coinbase’s Web 3 wallet is integrated, Robinhood’s is not. Robinhood Crypto Chief Technology Officer Johann Kerbrat said the new wallet will specifically cater to users who seek “advanced use cases” of crypto.
“We see this new product as a kind of brother for Web 3,” Kerbrat told CoinDesk in a phone interview prior to Tenev’s keynote. He said the team is “building this product as effectively a browser.”
The wallet will allow users to purchase and store NFTs, earn yield on assets, and access a host of tokens not currently available on Robinhood.
“We want to give [users] the last piece missing to access the Web 3 space,” said Kerbrat.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Two Casascius Coins Holding 2K BTC Moved After 13 Years of Inactivity
The Casascius coins were designed as offline cold storage with embedded private keys, but the project was shut down in 2013 due to regulatory pressure from FinCEN.
What to know:
- Two long-dormant bitcoin wallets tied to physical Casascius coins moved 2,000 BTC ($180M) after over a decade of inactivity.
- The Casascius coins were designed as offline cold storage, containing embedded private keys, but the project was shut down in 2013 due to regulatory pressure from FinCEN.
- The recent transfers' purpose is unclear, but could be linked to degrading physical components or precautionary moves to preserve access.
Top Stories
