By Tom Blitzer
Key Insights:
- Robinhood Connect is now available, making it easier for users to fund their Web3 wallets without having to leave a dapp or their digital currency accounts.
- The feature is available for select wallets, with more integrations coming soon, and is part of Robinhood’s commitment to Web3’s future.
- Robinhood is also updating its Crypto app with new features, including a home tab, price alerts, and advanced charts.
During the Consensus 2023 conference held in Austin, Texas, Robinhood Markets, a trading platform, introduced “Robinhood Connect,” a feature that allows users to fund their Web3 wallets without leaving their crypto accounts or a decentralised app (dapp). Developers can seamlessly integrate the functionality into dapps, allowing Robinhood customers to buy, transfer, and finance their self-custody wallets.
Robinhood Connect simplifies Web3 adoption
According to Johann Kerbrat, General Manager of Robinhood Crypto, Giddy, MyDoge, and Slingshot wallets may already use Robinhood Connect, and Exodus and Phantom wallets will be connected shortly. This launch aims to ease the use of Web3 technology, which has hampered its widespread adoption.
Although digital currency and Web3 have the potential to transform the financial industry, there remain significant obstacles that are impeding their broad acceptance.
As per the announcement, Robinhood’s recent action aligns with its dedication to the development of Web3. The exchange is also improving its Robinhood Crypto app, which permits users to buy and sell cryptocurrencies with zero commission charges. The update encompasses a crypto homepage, advanced charts for keeping track of portfolios and cryptocurrency asset prices, and price alerts to place stop and limit orders.
Robinhood Rolls Out Wallet to Users
During Robinhood’s Q4 earnings call, the company revealed that it had commenced the distribution of its wallet to over a million users who were on the waitlist. Furthermore, the firm reported a decrease of 24% in revenue earned from crypto transactions compared to the preceding quarter.
After undergoing a trial launch for 10,000 waitlisted customers in September, Robinhood eventually made its highly anticipated Wallet accessible to one million clients in January. However, the US Securities and Exchange Commission and other cryptocurrency firms investigated Robinhood for its cryptocurrency listings and how it handled assets.
Coinbase (COIN), a rival of Robinhood in the digital asset market, offers various services via its wallet. Coinbase is a competitor of Robinhood in this industry. These features include access to a fiat on-ramp inside the wallet itself and access to various currencies and decentralised applications (dapps) through the app.