Robinhood Embraces Bitcoin And Dogecoin For Its Wallet As It Set Sights Outside Ethereum’s Ecosystem

Robinhood Wallet has announced support for new virtual currencies nearly six months after its initial launch, offering users with a range of options.

In an Aug. 30 blog post, Robinhood confirmed support for Bitcoin (BTC) and Dogecoin (DOGE) for all classes of users. Going forward, users of the self-custody wallet can hold and send BTC and DOGE, with the firm hinting at support for more assets.

Apart from Bitcoin and Dogecoin, Robinhood users can interact with various networks, including Optimism, Polygon, Ethereum, and Arbitrum.

Furthermore, Robinhood Wallet unveiled in-app Ethereum swaps for 200+ assets, open to only a select class of users. The company disclosed that the new swap feature is an attempt to introduce its customers to decentralized finance (DeFi) with network fees automatically deducted from token holdings.

“With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web 3 ecosystem and reduced some of the challenges and barriers to entry for everyday people,” remarked Johann Kerbrat, head of Robinhood Crypto.

“We’ve been really encouraged by the adoption so far and are excited to keep building for our customers around the world as we ship new features and expand support for new networks and tokens,” added Kerbrat.

Prior to the introduction of the in-app swap feature, Robinhood Wallet users relied on ox API, a decentralized exchange aggregator, to make token swaps.

BTC and DOGE are enjoying the highs of a price pump, with the largest digital currency trading well above the $27K mark after a correction scare early in the week. DOGE is up by 2% on the 7-day charts, while trading volumes have spiked by over $1 billion in the same window.

Rolling out features for its growing user base

Since its launch, Robinhood says the Wallet has racked up hundreds of thousands of users in over 140 countries. In the six months of its existence, Robinhood has launched several features for the Wallet, including a Web3 browser to allow access to decentralized applications (DApps).

Early in the year, Robinhood Wallet announced that select users can make use of a new Connect Feature to purchase digital assets using a fiat onramp.

With an expanding rewards system, upgraded security systems, and support for new cryptocurrencies, the firm has expressed confidence in becoming an industry leader in the near future.