- Robinhood Wallet launches expanded functionalities, including “custody, send, and receive support” for Bitcoin and Dogecoin, as well as Ethereum swaps.
- Although still limited to Apple device users, Robinhood’s wallet upgrades come amid the backdrop of dwindling crypto revenues as per its latest earnings report.
Exploring Robinhood’s Strategic Enhancements in Crypto Support
Six months into its crypto wallet venture, Robinhood is already iterating on its product, introducing functionalities that bring it in line with a fully-fledged cryptocurrency wallet. While initially available solely on Apple devices and limited to Polygon and Ethereum networks, the wallet is expanding its reach.
Deepening Its Footprint: Support for More Tokens
Robinhood’s crypto wallet, not yet available on Android but expected to be by year-end, has now added “custody, send, and receive support” for two of the industry’s flagbearers: Bitcoin and Dogecoin. This addition caters to a user base that spans over 140 countries, manifesting Robinhood’s intent to garner a slice of the expansive crypto market. This expansion comes on the heels of a reported revenue drop in cryptocurrency earnings, from $38 million in the previous quarter to $31 million recently.
Furthermore, Robinhood is deepening its blockchain support. After its March launch, where it enabled functionalities on the Polygon and Ethereum networks, the wallet now also extends support for Arbitrum and Optimism blockchains. These Layer 2 solutions aim to solve scalability issues inherent to the Ethereum network, making Robinhood a more versatile platform for crypto transactions.
Navigating Ethereum Swaps
A notable feature now included is Ethereum swaps. Though not universally accessible at present, Robinhood has initiated the roll-out of this functionality. Swapping Ethereum tokens allows for the direct exchange of one Ethereum-based token for another, without necessitating a sale-and-buy cycle. The uniqueness of Robinhood’s offering lies in its fee structure: users can execute swaps without holding Ethereum in their wallets; the network fees are directly deducted from the swapped tokens.
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In traditional crypto wallets, Ethereum swaps often require the user to hold some amount of Ethereum to pay for network fees, known as ‘Gas.’ Robinhood’s model challenges this status quo, simplifying user experience by automatically deducting fees from the swapped tokens, thereby potentially changing the swapping game in the crypto wallet landscape.
This wallet upgrade is a part of Robinhood’s grander scheme to not only capture but sustain the crypto market’s attention, especially as the industry fluctuates with volatility and regulatory uncertainties. While Robinhood has witnessed a dip in its crypto revenue, these newly-added functionalities could mark the onset of a resurgence.
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