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Currently, the self-custodial crypto wallet by Robinhood permits users to use Ethereum swaps to immerse themselves in decentralized finance (DeFi).

Robinhood Wallet is a self-custody, multichain, Web3 wallet that has improved its offerings to include Dogecoin (DOGE), in-app Ethereum (ETH), and Bitcoin (BTC) swaps. This move came after its international launch half a year ago, and according to the firm, it attracted numerous users across 140 nations.

The new update enables Robinhood Wallet to offer custody and send and receive capabilities for Dogecoin and Bitcoin. Via an announcement on its website, the firm claimed it is also probing the DeFi sector and enabling in-app exchanges on the Ethereum platform. 

Robinhood Sheds DeFi Complexities to Reduce Entry Barriers

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In this early stage, some users will be granted access to more than 200 tokens for swapping. Also, there are intentions to spread the feature to a broader audience. In the past, users of Robinhood Wallet could only use the decentralized exchange aggregator ox API to exchange assets. Johann Kerbrat, Robinhood crypto’s General Manager, claimed that introducing Robinhood Wallet entailed stripping away most of the DeFi complexities and the broader Web3 ecosystem. Additionally, it minimized some of the barriers and problems to entry. 

Earlier this year, Robinhood Connect, a feature that permits crypto wallet users to access their funds and credentials directly from decentralized finance applications and protocols, was introduced. Additionally, one can execute all these actions without opening the Robinhood application. 

Robinhood Attribute Expansion to Accelerated Crypto Adoption Rate

Kerbrat claims that Robinhood has been ‘extremely encouraged’ by the crypto offerings adoption and seeks to continue building for its clients across the globe. All iOS can access the Robinhood Wallet, and there are plans to introduce Android support later this year. So far, the platform has introduced the alternative to register for the waitlist.

This announcement happens amid Robinhood’s July 2023 operational data summary release. It showed a considerable 38 percent reduction in overall trading volume compared to the previous year. In the second quarter, the firm experienced an 18 percent reduction in crypto trading volume, falling to $31 million. 

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Michael Scott

By Michael Scott

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