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Robinhood Wallet expands to support more cryptocurrencies

Robinhood Wallet expands to support more cryptocurrencies

Robinhood Wallet expands to support more cryptocurrencies

Robinhood Wallet expands to support more cryptocurrencies

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The addition of Bitcoin, Dogecoin, and Ethereum trading marks a key milestone for Robinhood, which was motivated by customer requests.

In a blog post published on Wednesday, Robinhood Markets Inc.’s self-hosted Web3 wallet announced support for Bitcoin and Dogecoin.

Furthermore, Robinhood Wallet users can now do Ethereum network transactions straight within the app. Initially available to a select number of users for more than 200 tokens, this service is intended to become available to all users in the near future.

Importantly, users can make swaps without holding any ETH, as network fees will be taken immediately from their token holdings. This strategy aims to make the onboarding process for DeFi (decentralized finance) newcomers easier.

General Manager of Robinhood Crypto Johann Kerbrat stated “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.”

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“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.”

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The well-known trading software Robinhood has added the ability to exchange Bitcoin, Dogecoin, and Ethereum to its wallet service, further broadening its selection of cryptocurrencies. This action, which was taken in response to customer requests, is an important development in Robinhood’s cryptocurrency journey.

When Robinhood’s wallet service first debuted in September 2022, it supported the Polygon blockchain. Later, Ethereum, Arbitrum, and Optimism Layer-2 networks were added.

The wallet also offered Web3 browser capability, allowing direct access to decentralized apps, and has garnered hundreds of thousands of users from over 140 countries.

Another recent innovation is Robinhood Connect, which enables qualified users in the US to buy or transfer cryptocurrency directly through the wallet.

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The company has also increased the number of prizes it offers, including “learning rewards” that let users earn USDC by finishing brief instructional tasks.

Despite a dip in the cryptocurrency market, Robinhood reported a significant trade volume of $69.2 billion in July. But compared to the prior year, this figure reflects a 38% decrease.

 

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