Robinhood Launches Fiat to Crypto on Ramp Service
Robinhood Markets, a popular trading app, launches Fiat to crypto on-ramp service called Robinhood Connect. The service fiat to crypto allows users to purchase and sell cryptocurrencies directly to and from their self-custody wallet.
The feature integration with Web3 projects will enable customers to access their Robinhood credentials in DApps. It permits these without opening the Robinhood website or app separately, logging in, and conducting transactions.
Integration with Web3 Projects
Together with similar services such as Coinbase Pay and MoonPay, Robinhood Connect aims to bring more people into cryptocurrency. Johan Kerbrat, general manager of Robinhood Crypto, stated that crypto and Web3 could change the financial system’s future for the better. There are still a few hurdles preventing broader adoption.
The service is developed to overcome these hurdles and facilitate the adoption of cryptocurrencies by more people.
Availability in the Crypto Market
Robinhood Connect is positioned as a competitor to similar services. He represents one of the only companies associated with traditional finance to enter the space. Therefore, in January 2023, Robinhood claims to have 23 million user accounts and $47.7 billion in assets under custody. It is knowingly lower than Coinbase’s claimed 110 million verified users, but the asset count remains similar.
Competing With Coinbase Pay and MoonPay
With the launch of Robinhood Connect, the company has announced many changes to the Robinhood app. Thus these changes demonstrate Robinhood’s commitment to providing a better experience for its users and expanding its offering in the cryptocurrency space.
Conclusion
Robinhood Markets, a popular trading app, launches Fiat to crypto on-ramp service called Robinhood Connect is a significant development in the cryptocurrency space. So, the company’s main purpose is to facilitate the adoption of cryptocurrencies by more people and overcome the hurdles preventing broader adoption. However, the adoption of cryptocurrencies continues to grow, and Robinhood’s entry into the space will likely have a significant impact.