Robinhood, a major US investment app, has announced the launch of “Robinhood Connect,” which will link its cryptocurrency wallet and DeFi (decentralized finance) app. The new feature will enable DeFi developers to easily integrate Robinhood’s crypto wallet into their decentralized applications (dApps). Users of dApps will be able to use their Robinhood credentials to purchase cryptocurrencies and send money to self-custody wallets provided by Robinhood, without the need to open a separate Robinhood app.
The company plans to release a beta version of its self-managed Web3 wallet, Robinhood Wallet, in September 2022. This is a multi-chain self-managed wallet that supports Ethereum (ETH) and the network of over 50 Ethereum standard tokens, Polygon (MATIC). Users can also view and store collections of NFTs (Non-Fungible Tokens).
Johann Kerbrat, head of Robinhood’s cryptocurrency division, emphasized the company’s commitment to the future of Web3 and cryptocurrency accessibility. “We have continued to create new products that make Robinhood the lowest cost and easiest-to-use option for users to start investing in cryptocurrencies,” he said.
The new functionality will likely appeal to individuals looking for an easier way to access DeFi applications and manage their cryptocurrency holdings through a trusted and well-established platform like Robinhood.
