Robinhood to roll out non-custodial crypto wallets

Robinhood has been actively growing its crypto arm since the end of Q1 in a bid to attract users and boost trading volume. In the last month or so, the exchange has rolled out custodial crypto wallets to its users, listed four new coins including Solana and Shiba Inu, and announced it would integrate with the Bitcoin Lightning Network.

With a custodial wallet, Robinhood holds the private key on behalf of a user, meaning that users can invest in crypto by tracking its price movements, but they cannot directly transact with their crypto funds.