There is no doubt that cryptocurrency and NFTs continue to enjoy massive acceptance and recognition in the digital world. These innovations are disruptive in nature in the digital world. These digital assets have become viable platforms for investments. This is why many investors and corporations are constantly seeking ways to cash in on the massive profits embedded therein. However, the stock buying and selling platform and the agency, Robinhood, have been in the news for many reasons, good or bad. Robinhood has been in the news for investment stories and related issues for over a year. It is apparent that it intends to diversify into the crypto market. Reports reveal that Robinhood made an announcement for the launch of a new special feature app that will serve as a wallet for cryptocurrency and NFT.
Robinhood recently introduced its new standalone web3 wallet app via its Twitter and new website on May 17, 2022.
With the new app, Robinhood aims to take custody of consumer cryptocurrencies and NFTs. With the release of this app, Robinhood also intends to step into the crypto wallet market via competition, along with Coinbase and MetaMask. Robinhood will also have to compete with GameStop head to head, as sources reveal that GameStop intends to launch its own NFT market and crypto wallet by Q2 of 2022.
Robinhood Investment Story
Robinhood’s intention to diversify into cryptocurrency is not surprising at all. The agency also started out by checking crypto wallets’ strength as an extension of its traditional offerings in September 2021.
Apart from the reality that cryptocurrencies and NFTs nonetheless remain an acceptable subject matter in the investment sector, Robinhood could be looking to enhance its offerings to boost its agency valuation and image. However, Robinhood’s very own inventory valuation has continued to bleed out due to the fact that its IPO returned in July 2021, presently resting around $10, consistent with the percentage.
With Robinhood aiming to intensify its presence in the cryptocurrency/NFT market, it will continue to remain relevant if the agency can flip itself. There is a projection that Robinhood will grow massively in the market in spite of the intense competition. Robinhood is expected to be more strategic with its operations and service delivery. Robinhood intends to enhance the user experience, which appears to be a great plus in the NFT and cryptocurrency market.