Robinhood, a dominant force in retail trading, continues to innovate by announcing in-app swapping for over 200 cryptocurrencies on the Ethereum platform.
Not just an ordinary update, this move has the potential to reshape the way users interact with decentralized finance.
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Robinhood's New Web3 Wallet Feature
Leading retail trading platform Robinhood has announced that its self-custody Web3 wallet now supports in-app swaps on the Ethereum (ETH) network.
According to Robinhood, select users will be able to swap over 200 tokens on Ethereum starting from August 30th (Wednesday).
This feature will become available to all users in the upcoming weeks.
How Robinhood Wallet Stands Out
Unlike other wallets, the Robinhood wallet does not require users to hold ETH tokens. The platform automatically deducts network fees from the cryptocurrencies users already possess.
Johann Kerbrat, the General Manager of Robinhood Crypto, commented on the newly integrated in-app swapping feature, emphasizing its potential in making decentralized finance (DeFi) more accessible.
"By using the Robinhood wallet, we've greatly reduced the complexity of the DeFi and broader Web3 ecosystem, mitigating the challenges and barriers for general public entry."
Broadening Cryptocurrency Support
In addition to the Ethereum in-app swap feature, Robinhood began offering custody, transfer, and reception support for Bitcoin (BTC) and Dogecoin (DOGE).
This move is in response to users' increasing demands for access to a broader range of coins.
The trading platform also previously introduced a crypto onramp that allows users to access the Robinhood wallet directly, funding it without logging into their accounts and without leaving decentralized applications (DApps).