Robinhood Markets has announced the addition of several highly-requested features to its Robinhood Wallet, including support for Bitcoin and Dogecoin transactions.
The update allows Robinhood's vast user base, spanning over 140 countries, to send, receive, and hold these cryptocurrencies. "This new feature release aligns with our goal of democratizing finance and reducing barriers to entry in the DeFi space," said Johann Kerbrat, General Manager of Robinhood Crypto.
This marks a significant expansion for the platform, which initially enabled Bitcoin and Dogecoin trading back in 2018.
Alongside Bitcoin and Dogecoin, Robinhood has also initiated in-app swaps for Ethereum, starting with a limited rollout for select users. This feature will let users swap over 200 types of tokens without having to hold Ethereum in their accounts, a distinct advantage over many other crypto wallets.
The company aims to extend this functionality to all its users in the coming weeks. Kerbrat notes, "We've simplified many complexities in the broader Web3 ecosystem to make it more accessible for everyday people."
However, the news comes at a time when Robinhood faces challenges, particularly in the cryptocurrency sector. Despite a 10% increase in total revenue to $486 million, and its first profitable quarter since going public, the company has experienced a decline in cryptocurrency revenue and monthly active users. This dip in activity recently led to a 9.3% plunge in Robinhood's shares, sparking investor concern.
Despite the challenges, Robinhood continues to innovate. The company has introduced various other features since March, including support for Polygon and Arbitrum networks, a Web3 browser, and a rewards program to educate users. With iOS support currently available and Android support expected later this year, Robinhood is keen on expanding its global reach.