The widely used multi-chain, self-custody, and Web3 wallet known as Robinhood Wallet has recently added additional capabilities to cater to the requirements of its expanding user base. Adding support for Bitcoin (BTC) and Dogecoin (DOGE) in the Robinhood Wallet directly results from customer feedback. This update enables users to save, send, and receive Bitcoin and Dogecoin.
In addition, the platform has implemented on-app swaps on the Ethereum (ETH) network, giving certain users access to more than 200 tokens that can be exchanged.
ROBINHOOD WALLET ADDS MORE CRYPTO FEATURES
Users will have access to a wider variety of options within the wallet due to the addition of support for Bitcoin and Dogecoin. Since its introduction to the public six months ago, the Robinhood Wallet has seen widespread use and has attracted hundreds of customers in more than one hundred forty countries.
As stated in the study, the recent introduction of in-app Ethereum swaps on Robinhood Wallet prepares users to easily interact with decentralized finance (DeFi) without needing to hold Ethereum in their wallets. This makes it possible for users to quickly engage with DeFi.
The process of exchanging tokens is streamlined, and entry requirements are reduced because network costs are automatically removed from the tokens users currently own.
Johann Kerbrat, the General Manager of Robinhood Crypto, emphasized the company's dedication to simplifying the DeFi experience and extending support for various networks and currencies. He made this statement during a recent interview.
According to Kerbrat, the user-friendly design and powerful functionality included in the Robinhood Wallet is to make Web3 technology available to more people.
The current version of the Robinhood Wallet has compatibility with the Arbitron (ARB), Bitcoin, Ethereum, Dogecoin, Optimism (OP), and Polygon (MATIC) networks. This enables users to send and receive cryptocurrency on any of these chains and own cryptocurrency on any of these chains.
Users can connect to various decentralized applications) by using the wallet, which also allows trading cryptocurrencies on Ethereand Polygon networks.
The users of Robinhood Wallet are the only ones who will ever have possession of and access to the private keys associated with their cryptocurrencies because the wallet grants them full sovereignty over their assets.
ROBINHOOD CONNECT FOR FIAT ONRAMP?
The wallet's functionality can be further improved by adding a Web3 browser, which enables users to connect directly to decentralized applications.
According to the announcement on August 30, Robinhood Wallet intends to continue growing its network support. The wallet has already included support for Polygon, Arbitrum, and Optimism, and it has plans to broaden access to additional Layer 2 chains according to the demand of its users.
To make the Robinhood Wallet more accessible to customers in the United States, Robinhood Connect has been updated to include a fiat onramp. With this update, users who are eligible to do so can buy or transfer cryptocurrency straight from within the wallet.
Users can now earn USDC by completing educational content on the site thanks to adding learning rewards to the company's existing rewards program.
However, users must either set up a biometric authentication method or a personalized PIN to access the app. They are also instructed to generate a private recovery phrase, enabling them to access their wallet and cryptocurrency holdings.
Because the company is never privy to a user's seed phrase, it stresses the significance of safely preserving the recovery phrase and refraining from disclosing it to any third party.