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(Kitco News) - As cryptocurrency companies struggle to find banking partners in the U.S., Robinhood is doing its part to provide alternative options with the launch of “Roinhood Connect,” a fiat-to-crypto on-ramp that supports decentralized applications (DApps) and self-custody wallets.
Robinhood unveiled the new service at Consensus on Thursday, creating a new way for the firm's customers to fund Web3 wallets without needing to leave a DApp or be logged into their Robinhood crypto account.
The new service allows users to buy or sell digital assets directly to and from their self-custody wallet or natively in DApps using a credit or debit card.
According to a blog post announcing the new feature, developers can easily embed the service into their DApps, and it is currently available in the MyDoge, Giddy and Slingshot ecosystems. Robinhood is also in the process of adding the service to the Phantom and Exodus cryptocurrency wallets.
“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,” said Johann Kerbrat, GM of Robinhood Crypto. “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.”
To go along with the new service, Robinhood has also launched a “Learn and Earn” educational program that “teaches customers the value and underlying technology behind digital assets to help them feel confident in buying and trading cryptocurrencies.”
Other updates to the Robinhood app include the addition of a dedicated crypto tap on the app’s homepage, advanced charts that include technical indicators like MA, RSI, Volume, MACD, EMA, VWAP, and Bollinger bands, advanced order types that allow users to place stop orders and stop limit orders, and personalized price alerts.
The launch of Robinhood Connect follows the launch of the Robinhood self-custody wallet on the iOS App Store, which currently has a 3.9-star rating and ranks No. 150 in downloads for the finance category. Robinhood reported having 23 million users and $74.7 billion in assets under management as of January 2023.
