Robinhood Wallet announced yesterday that it had added support for Bitcoin and Dogecoin, allowing its users to store, send and receive funds in the tokens.
The wallet’s functionalities were previously confined to sending and receiving ether (ETH) and tokens constructed on the Ethereum blockchain, akin to Metamask.
The move came following its latest earnings report, which revealed a decline in crypto-related revenue from $38 million in the prior quarter to $31 million.
Back in June, Robinhood removed three crypto tokens – Solana (SOL), Cardano (ADA), and Polygon (MATIC) – from its platform, a move influenced by escalated regulatory actions by the U.S. government targeting prominent crypto exchanges.
The regulatory body has filed legal actions against Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, and Coinbase, the leading exchange in the United States. The SEC’s allegations revolve around multiple tokens listed on these platforms being unregistered securities, thus infringing upon securities laws.
Kerbat shared that the wallet updates stemmed from user feedback gathered during the beta release last year. He highlighted the positive response to Robinhood Wallet’s accessibility and user-friendly interface, along with the option to self-custody assets and conduct fee-free swaps on Polygon.
In a statement, the company expressed its enthusiasm for the development.
“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,”
Johann Kerbrat, Robinhood Crypto general manager.
“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,” he added.
Additionally, the company also introduced additional exchange functionalities for a limited group of users, allowing them to trade Ethereum for more than 200 diverse assets. Robinhood explained that all users will gain access to this swapping feature in the upcoming weeks.
In addition to these new features, the company has recently unveiled a Web3 browser, allowing users to access decentralized applications (dApps) through the wallet directly, streamlining the process of exploring and utilizing blockchain-based services.
Currently, the Robinhood Wallet is accessible to all iOS users, with plans to introduce compatibility for Android devices in the latter part of 2023. The company explained that Android users can enroll in a waitlist, ensuring they receive notifications when the feature becomes accessible.
The wallet was first released in March, providing support for the Polygon and Ethereum networks, as well as tokens such as COMP, MATIC, SHIB, SOL, UNI and USDC. In response to user requests, the Robinhood team said that they were working on expanding availability to additional cost-effective, swift and secure Layer 2 blockchain networks.
“The feedback we’ve received for Robinhood Wallet since first launching in beta has been extremely positive,” Kerbat said.
“Users have told us they love how accessible and easy to use the app is, and that they really enjoy the ability to self-custody their digital assets and swap with no network fees on Polygon. They also told us they want access to more coins on more chains, which is why we’ve quickly added support for Ethereum.”
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