After offering only Polygon (MATIC) in its Web3 wallet for a long time, Robinhood is shocking the crypto space with the announcement that it is adding two prominent cryptocurrencies, Bitcoin and Dogecoin, to its wallet offerings.
Dogecoin and Bitcoin now available on Robinhood Wallet
California-based financial services company Robinhood has announced its new listing of Dogecoin and Bitcoin in its Web3 self-custodial wallet. Robinhood Wallet.
The press release comes as an exciting surprise for cryptocurrency investors, which users can now access BTC And DOGE tokens through their Robinhood wallets.
In response to its users’ pleas, Robinhood Wallet revealed that it added Bitcoin and Dogecoin blockchains, meaning it now supports a total of six blockchain networks, including Polygon, Optimism, Ethereum, and Arbittrium.
The financial services company has also launched a Web3 browser that allows users to link their wallets directly to decentralized applications (dApps).
Christine Brown, Robinhood’s Head of Crypto, spoke enthusiastically about the newly added tokens in the Robinhood Wallet. She stated that the two tokens were among the most prominent cryptocurrencies in the space and that the financial services company is looking forward to its users benefiting from trading and investing in the newly listed cryptocurrencies.
“We are excited to add Bitcoin and Dogecoin to Robinhood Wallet. These are two of the most popular cryptocurrencies in the world, and we are pleased to be able to offer our users the ability to store, send and receive them,” said Brown.
Robinhood Crypto GM, Johann Kerbat also welcomed the new addition to the Robinhood wallet. He stated that the Robinhood wallet aims to facilitate adoption and reduce the challenges facing the DeFi ecosystem.
He explained that Robinhood will continue to meet the needs of its users as it develops and improves its platform with more unique features.
“With Robinhood Wallet, we have removed many of the complexities of DeFi and the wider Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” said Kerbat.
He added, “We are very encouraged by the adoption so far and are excited to continue building for our customers around the world as we deliver new features and expand support for new networks and tokens.”
HOOD stock price sitting above $11 | Source: Robinhood Markets, Inc. on Tradingview.com
Robinhood Wallet adoption poised for surge after in-app Ethereum Swap feature
Earlier in 2022, Robinhood launched a beta version of its crypto wallet and the demand for the wallet was huge, with over 2 million users on the waiting list. Currently, the Robinhood Wallet has hundreds of thousands of users in over 120 countries around the world.
The Robinhood Wallet will offer in-app swaps on Ethereum for select users, allowing them to trade their ETH for over 200 different ERC-20 tokens available on the platform. The wallet is currently available to all users in the United States.
In a blog post, Robinhood described the new Ethereum swap feature now available on its Robinhood Wallet, saying:
“Unlike other wallets, users can trade without holding Ethereum, and network fees are automatically deducted from the tokens they already own, making it easier for anyone to get started and use DeFi.”
The Robinhood wallet is available for iOS users to trade and exchange cryptocurrencies. The financial services company was also previously listed on the stock exchange USDCthe first stablecoin in its portfolio, potentially closing the gap with the stablecoin’s main competitor, USDT.
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