Robinhood Wallet Adds Support for Bitcoin and Dogecoin, Enables ETH Swapping

Robinhood Markets Inc’s self-custody web3 pockets has introduced that it has added assist for Bitcoin and Dogecoin. In accordance with a Wednesday blog post, Robinhood Pockets customers can even be capable to conduct in-app swaps on the Ethereum community. At launch, the service was out there to pick customers for over 200 tokens and is predicted to roll out to all customers within the coming weeks. Customers can swap with out holding any ETH. Community charges are routinely designed to be deducted from the tokens they maintain. The platform believes this strategy will make the onboarding of customers to DeFi simpler.

“With Robinhood Pockets we stripped away lots of the complexities of DeFi and the broader Web3 ecosystem, and diminished a few of the challenges and limitations to entry for on a regular basis folks,” mentioned Johann Kerbrat, Common Supervisor of Robinhood Crypto. “We’ve been actually inspired by the adoption thus far, and are excited to maintain constructing for our prospects all over the world as we ship new options and broaden assist for brand new networks and tokens.”

Robinhood first rolled out its pockets service to pick iOS customers in September 2022 with Polygon as the primary blockchain. Ethereum was the following blockchain supported by the pockets adopted by layer-2 networks Arbitrum and Optimism. The addition of Bitcoin, Dogecoin, and Ethereum swapping is a big step for Robinhood and in response to requests from its person base. At the moment, the pockets has a whole lot of 1000’s of customers in about 140 international locations.

Because the iOS app grew to become out there to customers worldwide in March of this 12 months, the corporate has made a number of additions to it together with a web3 browser that permits customers to hook up with decentralized apps immediately from their pockets. Robinhood additionally launched Robinhood Join, a service that allows eligible customers in america to immediately buy or switch crypto utilizing the pockets. As well as, the platform has expanded its rewards program to incorporate “studying rewards, which permits eligible customers to finish brief classes to earn USDC”.

The corporate additionally revealed that Android assist is predicted to come back later this 12 months and customers can join a waitlist to be notified when the service turns into out there.

This newest addition to the pockets comes after the corporate reported a buying and selling quantity of $69.2 billion in July regardless of a common slowdown within the crypto market. Robinhood additionally famous a 38% drop in buying and selling quantity in comparison with a 12 months in the past. The platform’s Month-to-month Energetic Customers (MAU) noticed a slight restoration in July, growing by 200,000 from June however nonetheless a 17% decline from 13.2 million customers throughout the identical interval final 12 months.

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Mercy Mutanya is a Tech fanatic, Digital Marketer, Author and IT Enterprise Administration Pupil.
She enjoys studying, writing, doing crosswords and binge-watching her favorite TV collection.