Robinhood’s self-managed cryptocurrency wallet now permits users to delve extensively into the realm of decentralized finance by facilitating Ethereum swaps.
Robinhood Wallet, a multifunctional, self-custodial Web3 wallet that supports multiple blockchains, has expanded its services to include Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) exchanges within the application.
This strategic expansion follows the global launch of Robinhood Wallet six months ago, which according to the company, attracted hundreds of thousands of users from 140 countries.
With this most recent update, Robinhood Wallet now supports the storage, sending, and receiving of Bitcoin and Dogecoin.
In addition, Robinhood Wallet has entered the domain of decentralized finance (DeFi) by enabling in-app exchanges on the Ethereum network. The corporation announced this development on its official website.
In this initial phase, a restricted group of users will have access to more than 200 tokens for swapping, with plans to expand this feature in the near future.
The General Manager of Robinhood Crypto, Johann Kerbrat, stated, “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,”
This year, Robinhood introduced Robinhood Connect, an update that enables users of its crypto wallet to directly access their credentials and funds from DeFi protocols and applications without having to open the Robinhood application.
Previously, Robinhood Wallet users could only execute asset transfers via the 0x API, a decentralized exchange aggregator.
According to Kerbrat, Robinhood is notably encouraged by the adoption of its crypto offerings to date and remains committed to continuously developing for the benefit of our global customer base.
The Robinhood Wallet is currently available to all iOS users, with support for Android expected to be added later this year, along with a waitlist option.
This announcement coincides with the publication of Robinhood’s operational data summary for July 2023, which revealed a significant 38% decrease in total trading volume compared to the same period the previous year. In addition, the company’s crypto trading revenues decreased by 18% to $31 million during the second quarter.
