Robinhood users can now directly access Crypto using Connect
The popular stock trading platform Robinhood has announced a new on-ramp for 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 way for Robinhood customers to fund web3 wallets without the need for third-party applications.
The system allows investors to buy and withdraw crypto for self-custody solutions, cutting out a number of steps. Furthermore, developers can build features into dApps to allow Robinhood users to access the crypto ramp.
Robinhood makes 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 is going up against rivals like Coinbase Pay and MoonPay.
Managing Director of Robinhood Crypto, Johann Kerbrat, commented that there were still significant obstacles preventing wider crypto and web3 adoption, adding:
“Our conviction about the future of web3 remains strong, and we have continued to build new products that put the accessibility and ease of use of crypto at the center of customers, positioning Robinhood as the lowest cost, easiest to use on-ramp to crypto.”
In addition, Robinhood has upgraded its own app for customers with several improvements.
The app has been overhauled to send crypto to its 23 million customers. Furthermore, there are new advanced charts, advanced order types, price alerts and an educational section.
The company’s shares ( HOOD ) are up 10% year-to-date and traded at $8.90 after hours on April 27.
Robinhood isn’t the only fintech firm launching 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 users with an easy way to buy crypto via credit or debit card. 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 clients in 150 countries.
Crypto Market Outlook
Crypto markets traded unevenly on the day, with a total capitalization of $1.25 trillion. Furthermore, the digital dust has settled from yesterday’s fake news dump and recovery and consolidation has resumed.
Bitcoin (BTC) changed hands at $29,379 after a 1.3% gain over 24 hours. Meanwhile, Ethereum (ETH) hovered just above $1,900, having lost 1.6% since its intraday high.
Disclaimer
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