Robinhood Wallet Embraces Bitcoin, Dogecoin, and Ethereum Swaps

Robinhood Wallet Embraces Bitcoin, Dogecoin, and Ethereum Swaps

Robinhood Wallet has incorporated support for Bitcoin
Dogecoin, along with introducing Ethereum swaps within its platform. This move
comes after the wallet’s successful global launch six months ago, garnering a
widespread user base across 140 countries. The wallet now offers custody, send,
and receive support for Bitcoin and Dogecoin.

Additionally, according
to a statement published on its website, Robinhood Wallet is stepping into the
decentralized finance (DeFi) sector by enabling in-app swaps on the Ethereum
network. The rollout begins with select users gaining access to over 200
tokens, with plans to extend this feature to the wider user base in the near
future.

Robinhood Expands
Offerings to Meet Demand

Jahann Kerbrat, the General Manager of Robinhood Crypto,
remarked: “With Robinhood Wallet, we stripped away many of the
complexities of DeFi and broader Web3 ecosystem and reduced some of the
challenges and barriers to entry for everyday people. We are excited to keep
building for our customers around the world as we ship new features and expand
support for new networks and tokens.”

Currently, Robinhood
Wallet supports a wide range of cryptocurrencies across multiple networks,
including Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism, and Polygon. On the
platform, users can conduct swaps on both Ethereum and Polygon networks.
In addition to the recent expansion, the wallet launched a Web 3 browser that
directly connects users to decentralized apps.

Robinhood reported
a trading volume of USD $69.2 billion
for July despite the challenges posed by the
recent crypto downturn. The decline in crypto market activity was felt across
various sectors, including retail trading. Robinhood recently released its
operational data summary for July 2023, revealing a significant 38% decrease in
total trading volume compared to the previous year.

Resilience amid Decline
in Trading Activity

According to a report by Finance
Magnates
, Robinhood’s
Monthly Active Users (MAU) experienced a slight uptick to 11 million in July. While this marked a growth of 200,000 compared to June, it highlights
a 17% decline from the previous year’s 13.2 million users.

In an effort to combat
declining user engagement, Robinhood introduced a 24-Hour
Market trading
for all
its customers in July. The feature, named the Robinhood 24-Hour Market Service,
was initially introduced in May before being made accessible to all users
following its successful trial period.

Besides that, to establish
a presence in the UK market
,
Robinhood initiated the search for individuals to fill key roles in this
endeavour in July. Through LinkedIn postings, the company announced its hunt for a
Compliance Officer in London and other key executive positions. Additionally,
the pioneer of ‘zero-fee’ trading is planning to obtain regulatory approval from
the FCA.

Robinhood Wallet has incorporated support for Bitcoin
Dogecoin, along with introducing Ethereum swaps within its platform. This move
comes after the wallet’s successful global launch six months ago, garnering a
widespread user base across 140 countries. The wallet now offers custody, send,
and receive support for Bitcoin and Dogecoin.

Additionally, according
to a statement published on its website, Robinhood Wallet is stepping into the
decentralized finance (DeFi) sector by enabling in-app swaps on the Ethereum
network. The rollout begins with select users gaining access to over 200
tokens, with plans to extend this feature to the wider user base in the near
future.

Robinhood Expands
Offerings to Meet Demand

Jahann Kerbrat, the General Manager of Robinhood Crypto,
remarked: “With Robinhood Wallet, we stripped away many of the
complexities of DeFi and broader Web3 ecosystem and reduced some of the
challenges and barriers to entry for everyday people. We are excited to keep
building for our customers around the world as we ship new features and expand
support for new networks and tokens.”

Currently, Robinhood
Wallet supports a wide range of cryptocurrencies across multiple networks,
including Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism, and Polygon. On the
platform, users can conduct swaps on both Ethereum and Polygon networks.
In addition to the recent expansion, the wallet launched a Web 3 browser that
directly connects users to decentralized apps.

Robinhood reported
a trading volume of USD $69.2 billion
for July despite the challenges posed by the
recent crypto downturn. The decline in crypto market activity was felt across
various sectors, including retail trading. Robinhood recently released its
operational data summary for July 2023, revealing a significant 38% decrease in
total trading volume compared to the previous year.

Resilience amid Decline
in Trading Activity

According to a report by Finance
Magnates
, Robinhood’s
Monthly Active Users (MAU) experienced a slight uptick to 11 million in July. While this marked a growth of 200,000 compared to June, it highlights
a 17% decline from the previous year’s 13.2 million users.

In an effort to combat
declining user engagement, Robinhood introduced a 24-Hour
Market trading
for all
its customers in July. The feature, named the Robinhood 24-Hour Market Service,
was initially introduced in May before being made accessible to all users
following its successful trial period.

Besides that, to establish
a presence in the UK market
,
Robinhood initiated the search for individuals to fill key roles in this
endeavour in July. Through LinkedIn postings, the company announced its hunt for a
Compliance Officer in London and other key executive positions. Additionally,
the pioneer of ‘zero-fee’ trading is planning to obtain regulatory approval from
the FCA.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *