Robinhood launches fiat-to-crypto on-ramp for self-custody wallets and DApps

The motorboat of ‘Robinhood Connect,’ a fiat-to-crypto on-ramp featuring enactment for decentralized applications (DApps) and self-custody wallets, was announced astatine Consensus 2023 connected April 27.

— Robinhood (@RobinhoodApp) April 27, 2023

Positioned arsenic a rival to akin services specified arsenic Coinbase Pay and MoonPay, Robinhood Connect fundamentally allows users acquisition and merchantability cryptocurrency straight to and from their self-custody wallet oregon natively successful DApps utilizing a recognition oregon debit card.

Robinhood Connect features integration with Web3 projects arsenic developers tin embed the work straight into applications. This allows customers to entree their Robinhood credentials natively successful DApps without having to unfastened the Robinhood website oregon app separately to log successful and behaviour transactions.

Currently, the work is lone disposable successful the MyDoge, Giddy, and Slingshot ecosystems but upcoming enactment for Exodus and Phantom has been announced.

Johann Kerbrat, wide manager of Robinhood Crypto, explained successful a institution blog post that the work was developed successful hopes of bringing much radical into the cryptocurrency space:

“Crypto and Web3 person the imaginable to alteration the aboriginal of the fiscal strategy for the better, but we admit determination are inactive important hurdles preventing broader adoption.”

The marketplace for fiat-to-crypto services specified arsenic Robinhood Connect isn't precisely crowded, but Robinhood represents 1 of the lone companies associated with accepted concern to participate the space.

As of January 2023, Robinhood claims to person 23 cardinal full idiosyncratic accounts and $74.7 cardinal successful assets nether custody. This is importantly little than Coinbase's claimed 110 cardinal verified users, but the plus number remains akin (Coinbase says it holds $80 cardinal successful on-platform assets). For comparison, rival companies MoonPay and Webull person an estimated 5 and 13 cardinal users, respectively. 

Along with the motorboat of Robinhood Connect, the institution besides announced respective changes to the Robinhood app, specified arsenic the quality to behaviour precocious orders via halt orders and halt bounds orders.

Related: Robinhood committee gives motion to bargain Sam Bankman-Fried’s $578M stake

The caller work and app upgrades travel conscionable a mates of months aft the launch of Robinhood’s ain branded self-custody wallet connected the iOS App Store, which presently has a 3.9-star standing and ranks #144 successful downloads for the concern category.