The launch of “Robinhood Connect,” a fiat-to-crypto on-ramp that includes assist for decentralized purposes (DApps) and self-custody wallets, was introduced at Consensus 2023 on April 27.
Introducing our newest funding in crypto, Robinhood Connect: https://t.co/SmENSYufBA
A low-cost, on-ramp for clients, and a seamless integration for builders. Learn extra: https://t.co/rnBnR0LYww pic.twitter.com/6uSIAJkudO
— Robinhood (@RobinhoodApp) April 27, 2023
Positioned as a competitor to comparable companies resembling Coinbase Pay and MoonPay, Robinhood Connect primarily permits customers to buy and promote cryptocurrency on to and from their self-custody pockets or natively in DApps utilizing a credit score or debit card.
Robinhood Connect options integration with Web3 tasks, as builders can embed the service straight into purposes. This permits clients to entry their Robinhood credentials natively in DApps with out having to open the Robinhood web site or app individually to log in and conduct transactions.
Currently, the service is just out there within the MyDoge, Giddy and Slingshot ecosystems, however upcoming assist for Exodus and Phantom has been introduced.
Johann Kerbrat, normal supervisor of Robinhood Crypto, defined in an organization weblog put up that the service was developed in hopes of bringing extra folks into the cryptocurrency area:
“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption.”
The market for fiat-to-crypto companies resembling Robinhood Connect isn’t precisely crowded, however Robinhood represents one of many solely corporations related to conventional finance to enter the area.
As of January 2023, Robinhood claims to have 23 million whole person accounts and $74.7 billion in belongings below custody. This is considerably decrease than Coinbase’s claimed 110 million verified customers, however the asset depend stays comparable (Coinbase says it holds $80 billion in on-platform belongings). For comparability, rival corporations MoonPay and Webull have an estimated 5 and 13 million customers, respectively.
Along with the launch of Robinhood Connect, the corporate additionally introduced a number of adjustments to the Robinhood app, resembling the power to conduct superior orders by way of cease orders and cease restrict orders.
Related: Robinhood board offers nod to purchase Sam Bankman-Fried’s $578M stake
The new service and app upgrades come simply a few months after the launch of Robinhood’s personal branded self-custody pockets on the iOS App Store, which at the moment has a 3.9-star ranking and ranks No. 144 in downloads for the finance class.
