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The move follows its global launch six months ago, which, according to the company, attracted hundreds of thousands of users across 140 countries.
With the new update, Robinhood Wallet now provides custody, send, and receive capabilities for Bitcoin and Dogecoin.
In this initial phase, a select group of users will have access to more than 200 tokens for swapping, with plans to extend this feature to a broader audience in the near future.
Previously, Robinhood Wallet users could only swap assets through the decentralized exchange aggregator 0x API.
“With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” said Johann Kerbrat, the General Manager of Robinhood Crypto.
Earlier this year, Robinhood introduced Robinhood Connect, an update that allows users of its crypto wallet to access their credentials and funds directly from DeFi protocols and applications—all without having to open the Robinhood app itself.
According to Kerbrat, Robinhood has thus far been “really encouraged” by the adoption of its crypto offerings, intending “to keep building for our customers around the world.”
The Robinhood Wallet is currently accessible to all iOS users, while Android support is anticipated to be introduced later this year, with the platform introducing the option to register for the waitlist
The announcement comes on the heels of Robinhood releasing its operational data summary for July 2023, which revealed a significant 38% decrease in total trading volume compared to the previous year.
The company has also experienced a 18% decrease in crypto trading revenue in the second quarter, which fell to $31 million.