Rolling out today, Robinhood (NASDAQ:HOOD) has kicked off the release of its updated digital wallet. According to the company, the wallet allows for Bitcoin and Dogecoin transfers as well as in-app swaps on the Ethereum network. The wallet is immediately available on iOS, with Android support coming soon.
By including the Ethereum network, the Robinhood wallet allows users to trade 200+ tokens. Robinhood states that unlike other wallets, users can swap without holding Ethereum, and network fees are automatically deducted from the tokens they already hold.
Robinhood Wallet is a multi-chain, self-custody service that allows users to own, send, and receive crypto on Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism, and Polygon networks, swap crypto on Ethereum and Polygon, and connect to a wide range of Dapps. Robinhood also has a “Web3 browser,” so you may connect directly to your wallet and access Dapps.
Johann Kerbrat, GM of Robinhood Crypto, says they have removed the complexity of DeFi and Web3 making it simple for everyday users.
“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.”
Robinhood aims to be the one-stop spot for all your financial services needs, whether traditional or more recent digital assets. While there are multiple platforms attempting to do the same, Robinhood is well positioned to gain market share as it started with a regulatory-compliant securities trading platform.