Robinhood Launches Robinhood Connect for Web3 Wallet Funding within Dapps | Blockster

Robinhood Markets, the popular trading platform, has announced the launch of a new feature called "Robinhood Connect," which aims to simplify the process of funding Web3 wallets for its users. With this new feature, Robinhood users will be able to fund their Web3 wallets without having to leave a decentralized app (dapp) or be in their crypto accounts. The company will also allow developers to embed the feature directly into their dapps, enabling Robinhood users to buy, transfer and fund their self-custody wallets.

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The announcement was made during CoinDesk's Consensus 2023 conference in Austin, Texas. According to Robinhood, "With the introduction of [Robinhood] Connect, customers will be able to access their Robinhood credentials and bypass additional steps."

This move will make it easier for users to access Web3 technology, which has been a significant hurdle to broader adoption.

Web3 technology has the potential to change the future of the financial system for the better, but its complexity has been a hindrance to its widespread adoption. Robinhood aims to address this challenge with its rollout of Robinhood Connect.

"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," said Johann Kerbrat, general manager of Robinhood Crypto.
"Our conviction in the future of Web3 remains strong, & we've continued to build new products that put the accessibility & usability of crypto front & center for customers, positioning Robinhood as the lowest cost, easiest to use on-ramp to crypto."

Johann Kerbrat, General Manager of Robinhood Crypto
In addition to the launch of Robinhood Connect, the trading platform is also revamping its Robinhood Crypto app, which allows users to buy and sell crypto with zero commission fees.

The updated app will feature advanced charts that customers can use to fine-tune their trading strategy, allowing them to add stop and stop-limit orders as well as pricing alerts based on their trading strategies.

Robinhood has already started rolling out its wallet to more than one million wait-listed users. During its fourth-quarter earnings call, the company noted that its transaction-based revenue for cryptocurrencies fell 24% from the previous quarter to $39 million.

However, with the launch of Robinhood Connect, the company hopes to make it easier for users to access and use Web3 technology.

Robinhood's direct crypto competitor, Coinbase, already has some of the features embedded into its wallet. Coinbase users can have a fiat on-ramp within the wallet itself and access several tokens and dapps in the app.
With the launch of Robinhood Connect, Robinhood aims to catch up with Coinbase and offer its users a more accessible and user-friendly experience.
Final Thoughts

Robinhood's launch of Robinhood Connect is a significant step forward for the adoption of Web3 technology. By simplifying the process of funding Web3 wallets, the company is making it easier for users to access and use crypto-related products in their daily activities.