Considering customer demand, the popular multi-chain, self-custody, Web3 wallet Robinhood Wallet announced that it is adding support for Bitcoin (BTC) and Dogecoin (DOGE), allowing users to custody, send, and receive the tokens. The wallet will also enable in-app token swaps on the Ethereum network.
The functionality comes just six months after the stock trading app released its digital wallet for iOS users worldwide. At launch, the wallet offered support for tokens deployed on the Polygon (MATIC) and Ethereum (ETH) networks including Compound (COMP), MATIC, Shiba Inu (SHIB), Solana (SOL), Uniswap (UNI), and USDC stablecoin.
Robinhood Wallet has gained massive popularity since its launch in March and reportedly has hundreds of thousands of users from 140 countries across the world.
Recently, the self-custody wallet also added support for tokens deployed on Ethereum’s layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP).
Robinhood Wallet Allows Customers To Custody, Send, And Receive BTC and DOGE
The company heeded customers’ requests to add support for more tokens, which led to the wallet now allowing users to own, send, and receive crypto on Bitcoin, Ethereum, Dogecoin, Optimism, Polygon, and Arbitrum networks, swap tokens on the Ethereum and Polygon networks, and also connect to a wide range of decentralized finance (DeFi) applications.
In a statement released on Wednesday, the general manager of Robinhood Crypto Johann Kerbrat said that the wallet reduced some of the challenges and barriers faced by everyday users in the Web3 ecosystem by getting rid of the complexities involved with DeFi.
He promised that the company would keep building for its customers by adding new features and expanding support for new networks and tokens.
The Self-Custody Wallet Has Added Several Features To Improve Web3 Accessibility
Robinhood Wallet has added several notable features to its service since March, such as a Web3 browser that allows users to connect to decentralized applications (dApps) directly from their wallet, a fiat on-ramp that enables select U.S customers to directly purchase or transfer crypto on their wallet using Robinhood Connect, and a rewards program that allows users to earn rewards in USDC by completing crypto learning programs.
The company decided to add two of the most popular crypto assets – BTC and DOGE – to its wallet after its second-quarter earnings report showed an 18% drop in revenue, down from $38 million in the previous quarter to $31 million in the quarter ending June 30.
Robinhood’s In-App Ethereum Swap Feature To Support Over 200 Tokens
Meanwhile, the in-app Ethereum token swap feature was also rolled out to select Robinhood Wallet customers in the U.S. The wallet will support swaps for over 200 tokens on the Ethereum network and does not require users to hold ETH when swapping.
Instead, the service will automatically deduct gas fees (network charges on Ethereum) from the tokens that users already hold in their portfolio.
Although the Ethereum swap functionality is now live, it is not yet available to all Robinhood Wallet customers. The company has promised to expand the service globally in the coming weeks.
When signing up, Robinhood mandates users to set up a biometric authentication or a custom PIN in order to safeguard their funds. The wallet also asks users to create a secret recovery phrase (seed phrase) that is generated by the app, which is required to access the wallet and the deposited crypto.
The company emphasized the importance of a seed phrase, asking users not to share it with others and to make sure it is stored in a secured location as Robinhood themselves have no way to recover the secret key if lost.
Robinhood Wallet Is Coming To Android
Robinhood wallet is currently only available to iOS users, with support for Android devices expected to come later this year.