Along with support for Bitcoin and Dogecoin transactions, Robinhood Markets has announced the inclusion of a number of widely requested features to its Robinhood Pockets app.
The update enables Robinhood’s sizable user base, which spans more than 140 countries, to send, acquire, and hold these coins. According to Johann Kerbrat, Robinhood Crypto’s General Manager, “This new feature launch is in line with our goal of democratising finance and lowering barriers to entry in the DeFi space.”
This represents a significant expansion for the platform, which first made it possible to purchase and trade Bitcoin and Dogecoin again in 2018.
Robinhood has started in-app swaps for Ethereum in addition to Bitcoin and Dogecoin, starting with a limited rollout for selected consumers. Customers will be able to exchange more than 200 different token types using this feature without needing to keep any Ethereum on hand, which is a clear advantage over using multiple separate crypto wallets.
Within the next few weeks, the company aims to improve this performance for all of its clients. In the broader Web3 ecosystem, Kerbrat says, “We have simplified many complexities to make it more accessible for everyday people.”
The news, however, comes as Robinhood confronts difficulties, particularly in the cryptocurrency market. Despite a 10% increase in overall revenue to $486 million and its first profitable quarter since going public, the company has seen a fall in bitcoin revenue and monthly active clients. Recent declines in exercise caused Robinhood’s shares to fall by 9.3%, which alarmed investors.
Despite the difficulties, Robinhood keeps coming up with new ideas. Since March, the company has introduced a number of new features, including support for the Polygon and Arbitrum networks, a Web3 browser, and a rewards system to educate clients. With support for iOS already available and Android support expected later this year, Robinhood is anxious to expand its global reach.