March 27, 2024
Robinhood Wallet Expands Crypto Support with Ethereum and DeFi Features
Altcoins News

Robinhood Wallet Expands Crypto Support with Ethereum and DeFi Features

The multi-chain, self-custody Web3 wallet Robinhood Wallet now supports in-app Ethereum (ETH) exchanges as well as Bitcoin (BTC), Dogecoin (DOGE), and other cryptocurrencies.

Following a worldwide debut six months prior, which the business claims drew hundreds of thousands of customers spanning 140 countries, the move was made.

With the most recent upgrade, Robinhood Wallet now has the ability to hold, transmit, and receive Bitcoin and Dogecoin.

According to a statement on the company’s website, Robinhood Wallet is also stepping into the decentralized finance (DeFi) space by facilitating in-app swaps on the Ethereum network.

A small number of users will initially have access to more than 200 tokens for trading, with plans to make this feature available to more people in the near future.

Users of the Robinhood Wallet could only exchange assets using the 0x API, a decentralized exchange aggregator.

“With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” stated Johann Kerbrat, the General Manager of Robinhood Crypto.

Robinhood announced Robinhood Connect earlier this year, an update that enables users of its cryptocurrency wallet to access their login information and funds directly via DeFi protocols and applications—all without needing to open the Robinhood app.

Kerbrat claims that the popularity of Robinhood’s cryptocurrency offers has thus far “really encouraged” the company, and it intends “to keep building for our customers around the world.”

All iOS users may access the Robinhood Wallet right now, and Android compatibility is expected to arrive later this year with a waitlist registration option on the platform.

Following the release of Robinhood’s operational data summary for July 2023, which showed a dramatic 38% decline in overall trading volume compared to the prior year, the statement was made.

Additionally, the company saw an 18% decline in the second quarter’s revenue from cryptocurrency trading, which dropped to $31 million.

Image: Freepik

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