Robinhood’s crypto wallet adds Bitcoin, Dogecoin and Ethereum swaps

It’s official: Robinhood wallet now also supports Bitcoin and Dogecoin. 

Ethereum swaps will also be activated in the coming weeks. 

Robinhood crypto wallet: Bitcoin, Ethereum and Dogecoin

The official press release states that support for BTC and DOGE is already available for all Robinhood Wallet users, while in-app Ethereum swaps have only started to be implemented. 

Robinhood Wallet was launched only six months ago, as previously the app only allowed crypto trading without deposits and withdrawals. 

By now, the wallet has hundreds of thousands of users in more than 140 countries, and it is thanks to user feedback that they have decided to extend support to other blockchains besides Ethereum. 

In the statement, the company says it is rolling out many of the features most requested by their user base. 

The features launched yesterday are the custody, sending and receiving of Bitcoin (BTC) and Dogecoin (DOGE), while the one that will be launched in the coming days are in-app swaps on the Ethereum network. 

A version of the app for Android devices is not yet available, but it should be launched by the end of the year.

Ethereum swaps support

In-app swaps on the Ethereum network will allow the exchange of more than 200 tokens directly in the app, that is, using the wallet alone without having to go through the exchange. 

In addition, they will allow the exchange of tokens on the Ethereum network without having to own ETH to pay fees, which instead will be automatically scaled from tokens already held by the user, so as to make it easier for everyone to get started and use the DeFi protocols.   

Robinhood Wallet started out just as a self-custody Ethereum wallet for Web3, but has now become a multichain wallet with the addition of Bitcoin and Dogecoin. It also supports layer-2 Arbitrum, Optimism and Polygon. 

In addition to exchanging cryptocurrencies on Ethereum and Polygon, it also allows connecting to a wide range of dApps (decentralized applications), with a simple and intuitive design designed for mass use. 

The goal is precisely to onboard the next new generation of Web3 users, giving them full control over their cryptocurrencies. 

Robinhood other crypto wallet features: beyond Bitcoin, Dogecoin and Ethereum

Another feature that has already been added is a Web3 browser that allows users to connect to dApps directly from the wallet.

They also recently allowed US users to purchase cryptocurrencies directly on the wallet by paying in fiat currency through Robinhood Connect. 

In addition, they have expanded the incentive program to include learning rewards that allow users to earn USDC by completing short lessons. 

For the future, they promise to add support for other layer-2s as well, while for now they do not yet promise the addition of other blockchains. In particular, the addition of Lightning Network, which is the main layer-2 of Bitcoin, is expected. 

In addition to launching new features, they are keeping the focus on security and privacy high by offering a number of tools to help customers protect their wallets. 

Commentary

Robinhood Crypto GM Johann Kerbrat 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.”