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Robinhood introduces new option for users to Fund Web3 wallets

Robinhood introduces new option for users to Fund Web3 wallets

At Consensus 2023 conference, Robinhood announced Robinhood Connect.

Robinhood Markets (HOOD) has introduced “Robinhood Connect,” a new feature that allows users to fund their Web3 wallets without leaving a decentralized app (dapp) or their crypto accounts.

The new feature will enable users to access their Robinhood wallet funds directly from DeFi applications. Robinhood Connect, which developers will be able to embed in their apps, will make it easier for Robinhood users to utilize DeFi, according to a press release from the company.

“With the introduction of [Robinhood] Connect, customers will be able to access their Robinhood credentials and bypass additional steps,” the firm said in a statement.

As more people incorporate crypto and its related products into their daily lives, widespread access to Web3 has advanced significantly. However, the difficulty of accessing the technology has been one of the most significant obstacles to the expansion of Web3-related applications. Robinhood intends to resolve this issue with its launch.

According to a press release, Robinhood also announced a collection of new features, such as a crypto home tab, price alerts, and advanced charts, where users can manage their portfolio, monitor the price of crypto assets, and place stop and limit orders.

“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption,” Johann Kerbrat, general manager of Robinhood Crypto, said.

“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,” he added.

During its fourth-quarter earnings call, the company announced that it has begun handing out its wallet to more than one million wait-listed users. Additionally, Robinhood reported that its transaction-based revenue for cryptocurrencies decreased by 24% from the prior quarter to $39 million.

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