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


The launch of “Robinhood Connect,” a fiat-to-crypto on-ramp featuring support for decentralized applications (DApps) and self-custody wallets, was announced at Consensus 2023 on April 27.

Positioned as a competitor to similar services such as Coinbase Pay and MoonPay, Robinhood Connect essentially allows users to purchase and sell cryptocurrency directly to and from their self-custody wallet or natively in DApps using a credit or debit card.

How To Get Free Crypto  

Robinhood Connect features integration with Web3 projects, as developers can embed the service directly into applications. This allows customers to access their Robinhood credentials natively in DApps without having to open the Robinhood website or app separately to log in and conduct transactions.

Currently, the service is only available in the MyDoge, Giddy and Slingshot ecosystems, but upcoming support for Exodus and Phantom has been announced.

Johann Kerbrat, general manager of Robinhood Crypto, explained in a company blog post that the service was developed in hopes of bringing more people into the cryptocurrency space:

“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 services such as Robinhood Connect isn’t exactly crowded, but Robinhood represents one of the only companies associated with traditional finance to enter the space.

Coinbase Banner  

As of January 2023, Robinhood claims to have 23 million total user accounts and $74.7 billion in assets under custody. This is significantly lower than Coinbase’s claimed 110 million verified users, but the asset count remains similar (Coinbase says it holds $80 billion in on-platform assets). For comparison, rival companies MoonPay and Webull have an estimated five and 13 million users, respectively. 

Along with the launch of Robinhood Connect, the company also announced several changes to the Robinhood app, such as the ability to conduct advanced orders via stop orders and stop limit orders.

Related: Robinhood board gives nod to buy Sam Bankman-Fried’s $578M stake

The new service and app upgrades come just a couple of months after the launch of Robinhood’s own branded self-custody wallet on the iOS App Store, which currently has a 3.9-star rating and ranks No. 144 in downloads for the finance category.

Go to Source
Author: Tristan Greene

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.