Robinhood to let users hold their own crypto and NFTs as it reaches for growth beyond stock trading

Robinhood to let users hold their own crypto and NFTs as it reaches for growth beyond stock trading

Is handing over the keys to some of its customers' crypto. The trading and investing company announced Tuesday it will let users hold and custody their own cryptocurrencies and NFTs in a separate, stand-alone app. It's the latest move in the digital asset space for Robinhood as it reaches for growth beyond stock trading. The company shares are off more than 70% since its IPO. The new app will put Robinhood squarely in competition with and start-ups like MetaMask. Coinbase CEO Brian Armstrong called his company's product the most downloaded, mobile self-custody wallet in the U.S. . The app will let users store non-fungible tokens, and connect to NFT marketplaces and "decentralized" stock exchanges. It will also let users earn yield through other platforms and access a "variety" of crypto assets on other exchanges, Robinhood said. Who holds, or "custodies," someone's cryptocurrency has become a contentious question in the industry, fueling the viral phrase "not your keys, not your coins." Some fear storing assets on an exchange makes them more vulnerable to hacks, or censorship. Robinhood, which topped last year's CNBC Disruptor 50 list, made its name by offering commission-free stock trading. Its value and user base soared during the