Robinhood Has Announced That it Will Soon Launch a Web3 Wallet

Acclaimed zero-fee crypto trading platform, Robinhood, has revealed that its non-custodial crypto wallet is near completion. It added that the wallet would be interoperable with several blockchains.

Part of the announcement added that even though the wallet can store NFTs and works on any NFT marketplace, it would still be an independent app. Nonetheless, Robinhood has released a video via Twitter showing how the app works with Ethereum-based NFTs.

The launch of this app will represent a remarkable achievement for the zero-fee trading platform.

Robinhood Tests Web3 Wallet

Until December 2021, traders using Robinhood’s crypto trading platform couldn’t withdraw their profits in cryptos. They would have to convert their earnings to fiat before initiating a withdrawal. But with this new wallet, Robinhood users can now withdraw their crypto trading profits in digital currencies if they wish.

Earlier in the year, Robinhood had allowed more than a thousand of its users to beta test the wallet. It enabled about two million more users to test the wallet two months ago. All these users were chosen from the pool of users who have indicated an interest in the wallet.

However, the wallet still has limited features. For instance, it doesn’t support all digital assets, and an identity verification process is compulsory before anyone can use the wallet. LTC, BTC, BCH, ETH, BSV ETC, and DOGE are the seven cryptos supported by the wallet.

Limewire And Universal Music Group Collaborate

Limewire, a P2P file sharing platform that has now rebranded as an NFT marketplace, has reached an agreement with Universal Music Group (UMG) to assist the latter’s artists in launching their NFT projects.

While confirming the announcement via its official Twitter channel, UMG added that there is no limit to what its artists can offer as NFTs so long the offerings are exclusive materials. Examples of such materials include bonus tracks and backstage footage.

A top-level executive with UMG, Holger Christoph, stated that UMG will keep striving to maximize the Web3 world but would ensure that its projects offer ‘real utility.’ The collaboration means Limewire is no longer a target of lawsuits for music labels as it was while being a P2P sharing platform where users were sharing copyrighted music content.

One of the many legal battles of the previous Limewire platform resulted in its shutdown. However, after the Zehetmatyr brothers (Paul and Julian) purchased the platform, they rebranded it as an NFT marketplace solely to help music artists launch their NFT projects.

Several NFT-related partnership deals have also happened recently. One notable one is the partnership between Linktree and OpenSea. Lintkree users can have an NFT gallery on their link directory page and connect it with one or more crypto wallets through this partnership.

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