Robinhood (HOOD  ) is launching a new cryptocurrency wallet as it looks for growth beyond stock trading. This puts the company in competition with Coinbase (COIN  ) and MetaMask as it will let users have custody of their own wallets and digital assets.

This is a change from its initial crypto launch which drew huge use and user growth during the height of the bull market. However, it was criticized by many Web3 veterans due to users being unable to access their coins or move them to other platforms which is increasingly necessary for defi or staking purposes.

The first fix was a wallet that was released earlier this year but had 2 major limitations. Users were only allowed to transfer out $5,000 of coins and only were able to transact with 7 coins. The newest wallet has no limitations or fees and comes with full functionality. It will allow users to store NFTs, connect to different marketplaces, and participate in all sorts of defi and staking.

Robinhood's stock is down nearly 90% from its highs and 70% from its IPO levels, and the company is looking for new avenues to spark growth. Over the last year, Robinhood's revenue is down 43%, and it's drawn criticism from users for its limitations on trading during the short-squeeze in Gamestop (GME  ) and its initial offerings for cryptocurrency trading.

It's also interesting that this comes after news of a major investment by Sam Bankman-Fried of FTX who is rumored to be interested in U.S. expansion and getting into equity trading. Other growth initiatives include offering more coins to trade, enhanced features for premium users, and extended trading hours for stocks.

Currently, Robinhood shares are up 32% from their lows. While some sort of bounce is likely given how massive the decline was, it's still way too early to believe the low is in. This is because shares remain very expensive, while the company's revenues are declining. There's no quick path to profitability, but pursuing growth means spending money. Therefore, investors with a longer time horizon should wait for a better entry point.