Robinhood has added support for BTC and DOGE networks to its Web3 wallet
Date: 2023-08-30 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Robinhood Web3 Wallet users can now use the Bitcoin and Dogecoin networks to store, send, and receive cryptocurrencies.
The American broker Robinhood introduced a non-custodial crypto wallet back in September 2022, but users received full access to it only this March. The latest update will enable Robinhood's vast customer base spanning over 140 countries to send, receive and store even more digital assets.
Robinhood expands the functionality of its wallet
Initially, the Robinhood crypto wallet only supported Polygon and Ethereum. However, after a few months, the fintech company decided to expand the number of available networks and added second-level (L2) solutions Arbitrum and Optimism to them, and then the most famous PoW blockchains Bitcoin and Dogecoin.
“Over the past six months, we have heard clearly and distinctly that our customers want access to more coins on more networks,” reads a Robinhood blog post.
Company officials also said they are actively working on integrating other low-cost, fast, and secure Layer 2 networks that users have been asking for.
Along with expanding the number of available blockchains, Robinhood also launched Ethereum swaps, which will allow you to exchange more than 200 tokens without having to hold ETH in your account.
Robinhood Crypto CEO Johann Kerbrath believes that expanding the functionality of the wallet is fully consistent with the main goal of the company - to democratize finance and reduce barriers to entry into the DeFi space.
Cryptocurrency earnings of the company began to fall
However, updates may not be enough to keep Robinhood afloat. After a 10% increase in total revenue to $486 million, which marked the first profitable quarter since going public, the company is seeing a drop in cryptocurrency revenue and monthly active users. This resulted in a 9.3% decline in the share price and caused investor concern.
In addition, the American fintech startup has a mixed reputation among market participants. In 2022, the company unilaterally stopped trading in GameStop "meme" shares due to their excessive growth. According to media reports, Robinhood sold securities from some accounts without the permission of customers.
