Robinhood Wallet, a leading cryptocurrency platform, has taken a significant step forward by incorporating support for Bitcoin, Dogecoin, and Ethereum swaps within its ecosystem. This strategic move follows the successful global launch of the wallet just six months ago, which quickly gained traction in 140 countries, attracting a diverse user base.
The wallet now provides comprehensive features for Bitcoin and Dogecoin, including custody, sending, and receiving capabilities. Notably, Robinhood Wallet has also entered the decentralized finance (DeFi) realm by enabling in-app swaps on the Ethereum network. The initial rollout grants select users access to a wide array of over 200 tokens, with plans to extend this functionality to the broader user base in the coming months.
Jahann Kerbrat, Robinhood Crypto’s General Manager, emphasized that Robinhood Wallet aims to simplify the complexities of the DeFi and Web3 ecosystem, making it more accessible to the everyday user. The platform already supports various cryptocurrencies across different networks such as Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism, and Polygon. Swaps can be executed on both Ethereum and Polygon networks, showcasing the platform’s versatility.
Despite challenges posed by recent crypto market fluctuations, Robinhood reported a substantial trading volume of USD $69.2 billion in July. The platform’s operational data for the same month revealed a 38% decrease in total trading volume compared to the previous year. While Monthly Active Users (MAU) experienced a slight uptick to 11 million in July, this figure represents a 17% decline from the previous year’s user count of 13.2 million.
To counter declining user engagement, Robinhood introduced the Robinhood 24-Hour Market Service in July, enabling customers to trade round the clock. The company’s expansion plans include establishing a presence in the UK market, as evidenced by job postings for key roles and intentions to secure regulatory approval from the FCA. With these developments, Robinhood Wallet is poised to further cement its position in the cryptocurrency and DeFi landscape.