Robinhood Continues Crypto Expansion with Robinhood Connect
Robinhood, the popular trading platform, has launched a new update called Robinhood Connect, which allows users of its crypto wallet to access their credentials and funds directly from decentralized finance (DeFi) protocols and applications without having to open the Robinhood app itself.
With Robinhood Connect, users can purchase and sell cryptocurrency directly from their self-custody wallet or natively in DApps using a credit or debit card. The service also features integration with Web3 projects, enabling developers to embed it directly into applications, providing a smooth experience for customers.
Robinhood is a U.S.-based platform that allows traders to buy and sell cryptocurrencies. Robinhood users can purchase stock and a limited selection of cryptocurrencies.
Johann Kerbrat, general manager of Robinhood Crypto, explained that the company developed the service to bring more people into the cryptocurrency space. The update aligns with Robinhood's mission to democratize the financial system for everyone, and crypto presents an opportunity to help users diversify their finances and adapt to the world of Web3, according to a press release.
“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption,” said Johann Kerbrat.
Currently, the service is only available in the MyDoge, Giddy, and Slingshot ecosystems, but support for Exodus and Phantom is coming soon. As of January 2023, Robinhood claims to have 23 million total user accounts and $74.7 billion in assets under custody.
Robinhood also announced other new features such as a crypto home tab, price alerts, and advanced charts, which allow users to manage their portfolio, track the price of crypto assets, and place stop and limit orders. These updates come just a few months after the launch of Robinhood's own branded self-custody wallet, which was rolled out to over one million wait-listed users.
However, Robinhood, like many other crypto firms, is under investigation by the U.S. Securities and Exchange Commission over its crypto listings and custody of assets.
