Crypto Exchange Robinhood Announces Connect to Elevate Web3 Access

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Crypto Exchange Robinhood Announces Connect to Elevate Web3 Access
  • Robinhood Markets introduces “Robinhood Connect,” allowing users to fund their Web3 wallets seamlessly.
  • The trading platform is revamping its Robinhood Crypto app, adding features for improved user experience.
  • Robinhood continues to enhance its Crypto app’s accessibility and user-friendliness while navigating an ongoing SEC investigation.

Trading platform Robinhood Markets has announced the launch of “Robinhood Connect,” a feature that allows users to fund their Web3 wallets without leaving a decentralized app (dapp) or being in their crypto accounts. Revealed at CoinDesk’s Consensus 2023 conference in Austin, Texas, the feature can be embedded directly into developers’ dapps, enabling Robinhood users to buy, transfer, and fund their self-custody wallets.

Robinhood Connect is already available for MyDoge, Giddy, and Slingshot wallets, with integration for Exodus and Phantom wallets coming soon, according to Johann Kerbrat, general manager of Robinhood Crypto. The launch aims to address the complexities of accessing Web3 technology, which has hindered its broader adoption.

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.

The announcement adds that the recent move is part of Robinhod’s overall commitment to Web3’s future. As a part of its goals, the exchange is revamping its Robinhood Crypto app, which allows users to buy and sell crypto with zero commission fees. The update includes a crypto home tab, price alerts, and advanced charts for managing portfolios, tracking crypto asset prices, and placing stop and limit orders.

Robinhood previously announced in its fourth-quarter results conference that it has begun rolling out its wallet to more than one million wait-listed users. In addition, the company reported a 24% decrease in transaction-based revenue for cryptocurrencies compared to the previous quarter.

The company initially launched its highly anticipated Wallet in January to a waitlist of one million users, following a beta in September for 10,000 waitlisted customers. However, Robinhood soon found itself under investigation by the U.S. Securities and Exchange Commission over its crypto listings and custody of assets, along with other crypto firms.