- Robinhood adds Bitcoin, Dogecoin trading to crypto wallet after user requests.
- In-app swaps enabled for Ethereum tokens within the crypto wallet.
- The company expands wallet offerings with new networks, browser, and educational rewards.
Robinhood has announced several major expansions to its self-custody cryptocurrency wallet in response to user feedback. According to the company, the Robinhood Wallet has seen significant global adoption with hundreds of thousands of users across over 140 countries since its public launch six months ago.
In a recent blog post, Robinhood revealed it has added custody, send, and receive capabilities for Bitcoin and Dogecoin for all users. The company has also enabled in-app Ethereum token swaps for select users, with the feature rolling out more broadly in the coming weeks.
Unlike some wallets, the users can swap Ethereum tokens without needing to hold ETH, with network fees automatically deducted. This aims to make DeFi more accessible for everyday users, according to Johann Kerbrat, GM of Robinhood Crypto.
Since March, Robinhood has integrated its wallet with the Arbitrum and Optimism layer-2 networks. It has also launched a Web3 browser for decentralized app access directly within the Wallet interface.
For U.S. users, Robinhood Connect now enables direct fiat currency purchases of crypto to be deposited into the Robinhood Wallet. The company has also expanded its educational rewards program to help users learn about the crypto space.
The company stated it is working to support additional layer-2 networks and tokens based on user demand. Security remains an emphasis, with authentication requirements and seed phrase backups to prevent crypto asset loss.
As a popular consumer investing platform, Robinhood’s crypto wallet integrations aim to provide mainstream access to Web3 technologies. By iterating based on user feedback, the company hopes to drive further adoption across its sizeable user base.