Robinhood has unveiled Connect, its latest innovation for linking the platform to Web3 applications to easily reload them with cryptocurrencies, even using fiat currencies. Exodus and Phantom are expected to integrate this solution soon.
Robinhood Connect aims to facilitate access to Web3
Robinhood’s appetite for cryptocurrencies is nothing new, and the company is reaffirming its position with its latest addition Robinhood Connect, announced as part of the Consensus 2023 event organised by our colleagues at CoinDesk.
The concept is simple: to link the Robinhood platform to various decentralised applications, so that assets can be easily transferred. What’s more, all this can be done from the application in question, without having to leave the page.
The whole thing is promised to be free of charge, and should even offer users the possibility of reloading said Web3 applications with fiat currencies easily. This could include crypto wallets, and should soon be the case for Exodus and Phantom, as Robinhood announced on Twitter:
Ready to try Robinhood Connect? You can now buy and transfer crypto on @MyDogeOfficial, @giddydefi & @slingshotcrypto
And next up, @Exodus_io & @phantom
More coming soon https://t.co/PtL23o3xMQ
– Robinhood (@RobinhoodApp) April 27, 2023
Johann Kerbrat, CEO of Robinhood Crypto, showed his enthusiasm for the future:
“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognise that there are still significant barriers preventing wider adoption. Our belief in the future of Web3 remains strong, and we have continued to create new products that put crypto accessibility and usability at the forefront for customers […]”
A redesign of the platform
Beyond Connect, Robinhood also returned to the redesign of its platform to better showcase cryptocurrencies. This included more advanced charts for trading, with the addition of technical indicators. In addition, new order types have been introduced, such as limit orders and price alerts.
In addition, the ‘Learn and Earn’ feature added at the end of 2022 has seen over a million users take part. This concept, also present on many platforms, allows users to learn more about certain blockchain topics while being rewarded with a small amount of cryptocurrency.
Despite all this, Robinhood still seems to be finding its feet, which is reflected, among other things, by a share that is experiencing some difficulties on the stock market. With a price of $8.82, the stock is still trading close to its lows, down around 90% since its all-time high. This brings its market capitalisation to 7.9 billion dollars.
