Robinhood Broadens Web3 Wallet Capabilities to Include Bitcoin and Dogecoin

Introduction

Popular investment platform Robinhood announced on Wednesday that its proprietary Web3 wallet will now support Bitcoin and Dogecoin, allowing users greater freedom in their crypto activities.

Initial Launch and Expansion

The Robinhood Web3 wallet initially debuted for a limited number of iOS users in September 2022. By March, this feature was made available across 130 countries on iOS devices. Originally, the platform utilized Polygon as its primary blockchain for the wallet.

Given the surging demand, Robinhood further diversified its offerings by integrating with other chains. Over the past six months, feedback from the user base echoed a desire for integration with additional coins and chains.

Chain Integration Evolution

Following its launch, the wallet primarily supported transactions on the Polygon and Ethereum networks. However, as demand grew, Robinhood incorporated layer-2 solutions such as Arbitrum and Optimism. The latest announcement adds Bitcoin and Dogecoin to the mix, showcasing Robinhood’s dedication to accommodating its diverse user base.

Enhanced Features in App

Robinhood’s efforts to expand its crypto services don’t stop at new coin integrations. The platform has also introduced in-app crypto swaps for the Ethereum network, initially available to a select group. This service is expected to roll out to the broader user base in the near future. Before this feature, Robinhood users could only facilitate crypto swaps on the Polygon network through the decentralized exchange aggregator, 0x API.

An appealing aspect of this service is that Robinhood Wallet users don’t need to maintain an ether (ETH) balance. The network fees are automatically debited from the tokens they possess.

A User-Friendly Approach

Johann Kerbrat, the general manager of Robinhood Crypto, emphasized the platform’s commitment to simplifying the DeFi and broader Web3 landscape. By doing so, they hope to make these advanced financial tools more accessible to the general public.

Connecting Wallets and Broader Plans

April witnessed the launch of Robinhood Connect, a feature that empowers specific US users to seamlessly transfer crypto between their Web3 wallet and other platforms.

Furthermore, Robinhood indicated its ongoing efforts to further enhance its platform. They are exploring more layer-2 solutions that promise speed, security, and affordability as they aim to cater to their users’ ever-evolving needs.