Robinhood introduces new crypto on-ramp for dApps and wallets
- Robinhood has announced Robinhood Connect, a new feature that offers seamless crypto integration for dApps and wallets.
- Self-custody wallet Giddy is among the first mobile wallets to integrate the new on-ramp feature.
- Customers can directly and instantly buy or transfer crypto from within the dApps and also fund their Web3 wallets.
Robinhood, a leading online brokerage for stocks and crypto investing, has launched Robinhood Connect, a new product that will allow customers to easily buy and transfer cryptocurrencies as well as fund their Web3 wallets.
In this case, anyone with a Robinhood balance can now buy Bitcoin or other tokens instantly and transfer to their wallet using the new on-ramp.
Robinhood’s new on-ramp to Web3
Robinhood Connect is a new low-cost, on-ramp that will see customers add funds to their wallets from decentralised applications or third party wallets, all without having to leave the dApps or first connect to their Robinhood Crypto account.
“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,” Johann Kerbrat, the general manager of Robinhood Crypto, said during the product’s launch at Consensus 2023.
Kerbrat added that Robinhood Connect demonstrates the brokerage platform’s strong commitment to crypto adoption, with the new product set to boost crypto’s accessibility and usability.
With developers able to tap into seamless integration for Connect, embedding the feature will be easy. Developers can make this feature directly available to users from within dApps, according to the announcement. This means that projects will be able to allow their customers to buy tokens via the brokerage platform and send them to self-custody wallets.
Robinhood announced on Thursday that Giddy, a self-custody, recoverable smart wallet app powered by Polygon, was among the first mobile wallets to integrate Robinhood Connect. The program will also be rolled out to other platforms over the next few months.
We’re proud to announce that Giddy is one of the first mobile wallets to integrate Robinhood Connect from @RobinhoodApp 🚀 pic.twitter.com/TbHgA9WPXt
— Giddy (@giddydefi) April 27, 2023
Robinhood seeing new growth momentum
Founded in 2013, Robinhood has seen massive growth across its crypto products since diving into the space in 2018. While the crypto winter saw its crypto trading revenue fall by over 24% at the end of 2022, the online brokerage remains a popular app for traders.
The collapse of crypto exchange FTX in 2022, and a recent investigation by the US Securities and Exchange Commission (SEC), has cast Robinhood negatively in recent months. Despite this, the platform continues to take major steps to position itself as a leading destination for crypto trading.
Integration with top crypto platforms and introduction of multiple customer-focused programs are among these steps.
Currently, the platform supports crypto trading and investing for 18 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The online brokerage also supports buying and selling of the top meme coins Dogecoin and Shiba Inu.
