After a long stretch of only offering Polygon (MATIC) in its Web3 wallet, Robinhood shocks the crypto space with its announcement that it is adding two prominent cryptocurrencies, Bitcoin and Dogecoin, into its wallet offerings.
Dogecoin And Bitcoin Now Available On Robinhood Wallet
California-based financial services company Robinhood has announced its new listing of Dogecoin and Bitcoin in its self-custodial Web3 wallet, Robinhood Wallet.
Responding to its users’ pleas, Robinhood Wallet revealed that it was adding Bitcoin and Dogecoin blockchains, which means it now supports a total of six blockchain networks, including Polygon, Optimism, Ethereum, and Arbitrium.
The financial services firm has also launched a Web3 Browser which will allow its users to link their wallets directly to decentralized applications (dApps).
Christine Brown, Robinhood’s Head of Crypto spoke enthusiastically on the newly added tokens in the Robinhood Wallet. She stated that the two tokens were one of the most prominent cryptocurrencies in the space and the financial services firm looks forward to its users to benefit from trading and investing in the newly listed cryptocurrencies.
“We’re excited to add Bitcoin and Dogecoin to Robinhood Wallet. These are two of the most popular cryptocurrencies in the world, and we’re glad to give our users the ability to store, send, and receive them,” Brown stated.
Robinhood Crypto GM, Johann Kerbat also welcomed the new addition to the Robinhood wallet. He stated that the Robinhood wallet aims to facilitate adoption and reduce the challenges faced by the DeFi ecosystem.
He explained that Robinhood will continue to satisfy its user’s needs as it advances and improves its platform with more unique features.
“With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” Kerbat said.
He added, “We’ve been really encouraged by the adoption so far, and are excited to keep building for our customers around the world as we ship new features and expand support for new networks and tokens.”
HOOD stock price sitting above $11 | Source: Robinhood Markets, Inc. on Tradingview.com
Robinhood Wallet Adoption Poised For Increase Following In-App Ethereum Swap Feature
Earlier in 2022, Robinhood launched a beta version of its crypto wallet and the demand for the wallet was staggering, with over 2 million users on the waitlist. Currently, the Robinhood Wallet boasts hundreds of thousands of users based in more than 120 countries around the globe.
The Robinhood Wallet will be offering in-app swaps on Ethereum for selected users, allowing them to trade their ETH for over 200 different ERC-20 tokens available on the platform. The wallet is currently available for all users in the United States.
In a blog post, Robinhood described the new Ethereum swapping feature now available on its Robinhood Wallet, saying:
“Unlike other wallets, users can swap without holding Ethereum, and network fees are automatically deducted from the tokens they already hold, making it easier for everyone to get started and use DeFi.”
The Robinhood Wallet is available for iOS users to trade and swap cryptocurrencies. The financial services company also previously listed USDC, its first stablecoin, in its portfolio, potentially closing the gap with the stablecoin’s major competitor, USDT.
Featured image from PYMNTS, chart from Tradingview.com