Robinhood Wallet Integrates Bitcoin and Doge Networks
Robinhood expands Web3 wallet to include Bitcoin and Dogecoin, meeting growing demand for diversified crypto options.
Robinhood, the popular investment platform, has recently expanded its Web3 wallet to include support for Bitcoin and Dogecoin. This significant update comes six months after the wallet's global launch and aims to meet the growing user demand for diversified crypto options.
Initially launched in September 2022 for a limited set of iOS users, Robinhood Wallet was built on the Polygon blockchain. As of March this year, it became available to all iOS users in 130 countries. The wallet now offers custody, send, and receive support for Bitcoin and Dogecoin, in addition to its existing support for Ethereum and other networks like Arbitrum and Optimism.
Robinhood's decision to add Bitcoin and Dogecoin comes after user feedback indicated a strong desire for additional crypto and blockchain networks. This update diversifies the wallet's capabilities, offering users more options in how they manage their digital assets.
Robinhood Wallet is making its entrance into the DeFi sector by enabling in-app swaps on the Ethereum network. Initially available to a select group of users, this feature will support more than 200 tokens and is planned to be rolled out more widely in the coming weeks. The network fees for such transactions are automatically deducted from the tokens users hold, a design choice aimed at simplifying user experience.
Johann Kerbrat, the general manager of Robinhood Crypto, said:
"With Robinhood Wallet we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people. We’ve been really encouraged by the adoption so far, and are excited to keep building for our customers around the world as we ship new features and expand support for new networks and tokens.”
Despite the challenges posed by the recent downturn in crypto market activity, Robinhood reported a trading volume of USD $69.2 billion for July. However, there was a significant 38% decrease in total trading volume compared to the previous year. Robinhood's Monthly Active Users (MAU) experienced a slight uptick to 11 million in July, marking a growth of 200,000 compared to June but highlighting a 17% decline from the previous year's 13.2 million users.
To combat declining user engagement, Robinhood introduced a 24-Hour Market trading feature for all its customers in July. This feature was initially introduced in May before being made accessible to all users following its successful trial period.
Robinhood Wallet has garnered a widespread user base across 140 countries since its global launch six months ago. The company is also planning to establish a presence in the UK market and is currently in the process of filling key roles for this endeavor. Robinhood is also actively working to broaden access to other low-cost, fast, and secure layer-2 chains, reflecting its focus on expanding and diversifying its crypto offerings to meet user needs.