Robinhood's "Connect" platform is here to simplify fiat-to-crypto transactions for self-custody wallets and dApps.
Robinhood, a California-based firm that facilitates commission-free trades of stocks, exchange-traded funds, and cryptocurrencies, has rolled out a crypto-to-fiat on-ramp dubbed "Robinhood Connect."
This innovative service was unveiled at Consensus 2023 conference on April 27th.
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Taking on competitors like Coinbase Pay and MoonPay, Robinhood Connect enables users to buy and sell digital assets from their self-custody wallet or within decentralized applications (dApps) using their credit or debit card.
This seamless integration provides a user-friendly experience, removing the hassle of switching between the Robinhood website or app and the dApp.
Robinhood Connect has high compatibility with Web3 projects, as it can be directly embedded into applications. Therefore, customers can effortlessly use their Robinhood credentials within dApps, streamlining transactions in a fast and easy-to-use matter.
For now, MyDoge, Giddy, and Slingshot ecosystems exclusively support Robinhood Connect. However, Robinhood has revealed plans to integrate with Exodus and Phantom soon.
The driving force behind this service, according to Johann Kerbrat, the general manager of Robinhood Crypto, is to foster greater cryptocurrency adoption by eliminating barriers to entering the crypto and Web3 space.
Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption.
Robinhood stands out as one of the few traditional finance companies to offer crypto-to-fiat on-ramp.
In addition to Robinhood Connect, the company announced updates to its app, including advanced order capabilities through stop orders and stop limit orders. This development follows the recent release of Robinhood's self-custody wallet on the iOS App Store.
Robinhood Connect is poised to revolutionize how users interact with cryptocurrencies, breaking down barriers and inviting more people into the crypto space.
