Robinhood Introduces Web3-Powered Crypto-to-Fiat Support for DApps & Self-Custody Wallets

Jimmy Aki
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Robinhood trading platform has unveiled the “Connect” in-app feature to simplify all crypto-to-fiat transactions for decentralized applications (dApps) and self-custodial wallets.

Simplifying Access to Web3

Robinhood, a world-revered stocks and crypto exchange platform, has rolled out a Web3 support feature dubbed “Robinhood Connect.”

The exchange announced the feature launch at the Consensus 2023 conference on April 27th.

The introduction of this feature is geared towards rivaling competitors like MonnPay, Coinbase Pay, and many more.

Robinhood Connect enables traders to seamlessly buy and sell their favorite cryptocurrencies from self-custody wallets or within decentralized applications (dApps) via payment options such as credit or debit cards.

The new support integration is designed to feature an intuitive experience that takes away any form of navigation hassle between the platform’s website, app, and dApp.

The Robinhood Connect is highly compatible with projects deployed on Web3 technology, enabling users to effortlessly use their trading app within the dApp ecosystem to process real-time transactions.

It is worth noting that Robinhood’s new Web3 support features are currently available in the Giddy, MyDoge, and Slingshot ecosystems.

The platform has recently announced rollouts for other ecosystems, such as Exodus and Phantom.

As detailed in the public announcement, Johann Kerbrat, the general manager of Robinhood Exchange, iterated that the major goal of the service is to be a pinnacle of hope and bridge more individuals into the cryptocurrency space.

Crypto and Web3 are fast-paced sectors of tech as they stack great potential to change the future of the digital-financial system for the better.

However, major challenges stunt the growth and mass adoption, such as accessibility to both sectors from a single hub.

Robinhood Connect aims to be one of the powerful features that bridge the gap between the crypto space and the Web3 sphere, currently worth $1.2 trillion and $27.5 billion.

Robinhood asserts to dominate the less-crowded fiat-to-crypto space as it reckons to be the only trading platform incorporating traditional finance into Web3.

Oversight of the Growth Trajectory Robinhood Compared to Competitors

On January 2023, the Robinhood exchange released the fourth quarter of 2022 report, which entails that the platform has 23 million verified trading accounts and a staggering $74.7 billion worth of assets in custody.

While its user base is significantly lower than Coinbase’s 110 million verified users, the asset count remains similar to that of Coinbase’s $80 billion worth of assets under custody.

These statistics show that high-volume traders and investors trust Robinhood for their transactions compared to Coinbase.

In further growth comparison, other trading platforms such as MoonPay and Webull have estimated 5 and 13 million users, respectively – lower than Robinhood’s.

With the introduction of Robinhood Connect, more traders and investors in the crypto space are estimated to flock to the phenomenal exchange to access their assets and navigate the Web3 sphere via a single hub.

Investors can buy and trade crypto assets from their self-custodial wallets or within the decentralized application (dApp) ecosystem with no hassles.

Along with Robinhood Connect, the exchange has also introduced stellar changes in its mobile application, such as an added feature to conduct advanced orders through stop and limit orders.

The Web3 features and added in-app change come just a couple of months after the platform announced the launch of its in-house self-custodial crypto wallet.

The crypto wallet app is designed to be an intuitive, transparent, and secure hub to store digital assets easily. Users can be accessed the iOS App Store.

The application ranks No. 144 downloads in the finance category and has a 3.9-star rating which is great for a few months old innovations.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.