Robinhood Expands Web3 Wallet with Bitcoin and Dogecoin

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Six months following its initial public release, Robinhood's self-custody Web3 wallet is incorporating in-app token swaps via the Ethereum network.

On Wednesday, Robinhood announced that its Web3 wallet now supports Bitcoin and Dogecoin, allowing users to store, send, and receive these cryptocurrencies. Initially launched in September 2022 for a limited number of iOS users, Robinhood Wallet first utilized Polygon as its inaugural blockchain. It was later expanded to iOS users in 130 countries by March.

Robinhood stated in a blog post on Wednesday that user feedback over the past six months made it clear that there's a demand for "more coins on more chains."

Initially supporting Polygon and Ethereum, the platform then incorporated layer-2 solutions like Arbitrum and Optimism before finally adding Bitcoin and Dogecoin to its roster. Alongside this, Robinhood has also activated in-app token swaps on the Ethereum network, a feature now available to select users for over 200 tokens and slated for wider release in the coming weeks.

Before this update, Robinhood Wallet users were restricted to executing cryptocurrency swaps solely on the Polygon network via the decentralized exchange aggregator 0x API.

The company also highlighted that Robinhood Wallet users won't need to possess ether (ETH) for swaps as network fees will be automatically subtracted from the tokens they already own.

Johann Kerbrat, General Manager of Robinhood Crypto, commented, “Robinhood Wallet aims to simplify the intricacies often associated with DeFi and the larger Web3 world, thereby lowering the entry barriers for the average person.”

This announcement follows the April debut of Robinhood Connect, a feature enabling specific U.S. users to purchase and transfer cryptocurrencies to and from their Web3 wallets.

Robinhood disclosed in its recent blog post that it is “proactively looking to expand support for additional layer-2 chains that meet user demands for low-cost, fast, and secure transactions.”

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