1. Robinhood has introduced “Robinhood Connect,” allowing users to fund their Web3 wallets without leaving their crypto accounts.
2. The platform also stated that developers could integrate the feature into their dapps, enabling users to seamlessly buy, transfer, and fund their self-custody wallets.
3. Robinhood Connect is available now with MyDoge, Giddy, and Slingshot wallets, and Exodus and Phantom integration is on the way.

The popular trading platform Robinhood Markets (HOOD) has unveiled “Robinhood Connect,” a new feature for users to fund their Web3 wallets without having to leave a decentralized app (dapp) or be in their crypto accounts.

The company also announced that developers can embed the feature into their dapps, enabling Robinhood users to buy, transfer, and fund their self-custody wallets without extra steps.

Robinhood Connect is currently live with MyDoge, Giddy, and Slingshot wallets, with Exodus and Phantom integration coming soon, said Johann Kerbrat, Robinhood Crypto’s GM, during a live conversation with CoinDesk Reporter Ian Allison at Consensus 2023.

Robinhood aims to simplify access to Web3 technology with its rollout of Robinhood Connect, addressing a major challenge to the broader adoption of crypto and Web3-related applications, according to Johann Kerbrat, the General Manager of Robinhood Crypto. Despite significant hurdles to adoption, Robinhood believes that crypto and Web3 have the potential to revolutionize the financial system. Kerbrat also added,

Our conviction in the future of Web3 remains strong, and we’ve continued to build new products that put the accessibility and usability of crypto front and center for customers, positioning Robinhood as the lowest cost, easiest to use on-ramp to crypto.

Johann Kerbrat

Meanwhile, Robinhood is updating its Robinhood Crypto app with advanced charts, stop and stop-limit orders, and pricing alerts, while also rolling out its wallet to over one million wait-listed users.

However, the company’s Q4 earnings report revealed a 24% decrease in its transaction-based revenue for cryptocurrencies, which amounted to $39 million. Moreover, Coinbase already offers some of these features in its wallet, including a fiat on-ramp and access to tokens and dapps, making it Robinhood’s direct competitor.

Posted Date: May 26, 2023