Popular stock trading platform Robinhood has announced the launch of a new Web 3 and cryptocurrency platform. The system allows users to directly fund their crypto wallets.
Robinhood Connect was announced at the Consensus 2023 event on April 27th. It was described as a new way for Robinhood customers to fund Web3 wallets without the need for third-party apps.
The system enables investors to buy and withdraw cryptocurrencies to a self-custodial solution, cutting out a number of steps. Furthermore, developers can include features in their dApps to allow Robinhood users to access crypto on the ramp.
Robinhood makes crypto easier
The announcement noted that with the introduction of Connect, customers will be able to access their Robinhood credentials and bypass additional steps.
The fiat-to-crypto platform is going up against competitors like Coinbase Pay and MoonPay.
Johan Kerbrat, Managing Director of Robinhood Crypto commented that significant hurdles remain to wider adoption of crypto and Web 3, adding:
“Our belief in the future of web3 remains strong, and we have continued to build new products that put the accessibility and ease of use of cryptocurrency front and center for customers, positioning Robinhood as the most affordable and easiest-to-use cryptocurrency platform.”
Additionally, Robinhood is upgrading its app for customers with several improvements.
The app is overhauled to push cryptocurrency to its 23 million customers. Furthermore, there are new advanced charts, advanced order types, price alerts, and an education section.
The company’s stock (HOOD) is up 10% since the start of the year and was trading at $8.90 after hours on April 27.
Robinhood isn’t the only financial technology company to launch a crypto-to-crypto trading platform this week. On April 26, Web3 financial platform Uphold announced its new platform for cryptocurrency on the slope called Topper.
Topper is designed to provide a simple way for users to purchase cryptocurrency via credit or debit cards. According to the announcement, users can also instantly send encryption to any web3 project or game.
Uphold is a global multi-asset digital trading platform with more than 10 million customers in 150 countries.
Crypto Market Outlook
Cryptocurrency markets are trading flat on the day, with total capitalization remaining at $1.25 trillion. Moreover, the digital dust from yesterday’s dump of fake news has settled and recovery and consolidation have resumed.
Bitcoin (BTC) was trading at $29,379 after gaining 1.3% over the 24-hour period. Meanwhile, Ethereum (ETH) was hovering above $1,900, after losing 1.6% since the intraday high.
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