- Robinhood app unveiled a new feature on April 27 that allows users to access their crypto wallets from external sources.
- Now the clients can use external custodial crypto applications to access Robinhood’s crypto functionality on this platform.
On April 27, the investment platform company Robinhood announced the launch of a new feature on its app labeled as “Robinhood Connect”. The app will allow the clients of the investment platform to access its cryptocurrency with external custodial crypto wallet applications as well.
Robinhood Connect’s New Features
The American financial services company Robinhood Markets, Inc. which functions in the investment industry announced on April 27 that the Robinhood app will have a new feature — Robinhood Connect. This feature is related to the app’s crypto domain.
The GM of Robinhood Crypto – Johann Kerbrat conducted an official press release where they talked about the new feature they unveiled at CoinDesk’s Consensus 2023, Austin, Texas. Investors in crypto can now access their crypto wallet on Robinhood via external custodial crypto wallet applications.
The company which is a crypto exchange platform also offers its crypto wallet. Now the investors who use Robinhood’s crypto exchange, with the help of this new feature, can access all of their crypto assets without having to store them on Robinhood crypto wallet. They can directly use different crypto wallets to store the crypto assets purchased via the Robinhood exchange.
Robinhood Connect is already live with crypto wallets of — MyDoge, Giddy, and Slingshot while set to be shortly launched on Solana Phantom and Exodus Multi-coin. In the upcoming months, it will be expanded over a wide range of applications. This will enable users who wish to use other crypto wallets, to skip those complicated steps to access their accounts, thereby aiding in faster and easy access.
The Robinhood Connect feature includes other functions too — trading without network fees, connecting to NFT marketplaces and storing NFT, availability of a wide variety of crypto assets; and connecting freely to a wider Decentralized Finance (DeFi) overall.
In addition, the company also released some more features for the app — Crypto Home, Advanced Charts, Advanced Order Types, Price Alerts, and Learn and Earn. The most requested one – Advanced Charts – helps in building a better trading strategy as it offers numerous technical indicators including — MA, MACD, RSI, EMA, VWAP, Volume, and Bollinger Bands. This sophisticated feature is likely to attract more experienced traders to the crypto trading platform as it is a crucial tool for those who understand technical analysis.
Sign-up for the product waitlist that is already live and will give users early access to the Beta program, later this summer. They also plan to make it available to all Robinhood customers by the end of the year. The company aims to develop new products that enhance the accessibility and convenience of cryptocurrencies. They strive to be the most affordable and user-friendly platform, providing developers with seamless integration into the crypto ecosystem.
At CoinDesk’s Consensus 2023, Vladimir Tenev, the CEO and co-founder of Robinhood said, “At Robinhood, we believe that crypto is more than just an asset class”. He also mentioned, “By offering the same low cost and great design that people have come to expect from Robinhood, our Web 3.0 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer.”
Besides enabling external crypto wallet integration, Robinhood Connect is a new multi-chain Web 3.0 wallet that will make it easier for users to engage better with dApps (decentralized applications) and easily access this rapidly evolving world of DeFi (Decentralized Finance) in the era of Web 3.0.
Conclusion
These recent developments in the space of crypto highlight the growing trends that Robinhood and other mainstream financial platforms aim for a greater adaptation to the emerging decentralized economy that is going to be at the center of Web 3.0, set to revolutionize the world.
