Popular stock trading platform Robinhood has announced a new on-ramp to web3 and crypto. The system enables users to fund their crypto wallets directly.
Robinhood Connect was announced at the Consensus 2023 event on April 27. It was described as a new avenue for Robinhood customers to fund web3 wallets without the need for third-party applications.
The system lets investors buy and withdraw crypto to self-custody solutions, cutting out a number of steps. Furthermore, developers can embed features into their dApps to allow Robinhood users to access the crypto on-ramp.
Robinhood Making Crypto Easier
With the introduction of Connect, customers will be able to access their Robinhood credentials and bypass additional steps, the announcement noted.
The fiat-to-crypto platform goes up against rivals such as Coinbase Pay and MoonPay.
General Manager of Robinhood Crypto, Johann Kerbrat, commented that there were still significant hurdles preventing broader crypto and web3 adoption, adding:
“Our conviction in the future of web3 remains strong, and we’ve continued to build new products that put the accessibility and usability of crypto front and center for customers, positioning Robinhood as the lowest cost, easiest to use on-ramp to crypto.”
Additionally, Robinhood has been upgrading its own app for customers with several improvements.
The app has been overhauled to push crypto to its 23 million customers. Furthermore, there are new advanced charts, advanced order types, price alerts, and an educational section.
Company stock (HOOD) has gained 10% since the beginning of the year and was trading at $8.90 after hours on April 27.
Robinhood is not the only fintech firm to launch a fiat-to-crypto on-ramp this week. On April 26, web3 financial platform Uphold announced its new fiat-crypto on-ramp called Topper.
Topper is designed to provide a simple way for users to buy crypto via credit or debit cards. According to the announcement, users can also send the crypto instantly to any web3 project or game.
Uphold is a global multi-asset digital trading platform with more than 10 million customers across 150 countries.
Crypto Market Outlook
Crypto markets are trading flat on the day, with total capitalization remaining at $1.25 trillion. Furthermore, the digital dust has settled from yesterday’s fake news dump and recovery and consolidation has resumed.
Bitcoin (BTC) was changing hands for $29,379 following a 1.3% rise over 24 hours. Meanwhile, Ethereum (ETH) was hovering just above $1,900, having lost 1.6% since its intraday high.
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