Robinhood launches fiat-to-crypto on-ramp for self-custody wallets and DApps

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The launch of “Robinhood Join,” a fiat-to-crypto on-ramp that includes assist for decentralized functions (DApps) and self-custody wallets, was introduced at Consensus 2023 on April 27.

Positioned as a competitor to comparable companies akin to Coinbase Pay and MoonPay, Robinhood Join primarily permits customers to buy and promote cryptocurrency on to and from their self-custody pockets or natively in DApps utilizing a credit score or debit card.

Robinhood Join options integration with Web3 tasks, as builders can embed the service straight into functions. This enables clients to entry their Robinhood credentials natively in DApps with out having to open the Robinhood web site or app individually to log in and conduct transactions.

At the moment, the service is just accessible within the MyDoge, Giddy and Slingshot ecosystems, however upcoming assist for Exodus and Phantom has been introduced.

Johann Kerbrat, normal supervisor of Robinhood Crypto, defined in an organization weblog publish that the service was developed in hopes of bringing extra folks into the cryptocurrency area:

“Crypto and Web3 have the potential to alter the way forward for the monetary system for the higher, however we acknowledge there are nonetheless important hurdles stopping broader adoption.”

The marketplace for fiat-to-crypto companies akin to Robinhood Join isn’t precisely crowded, however Robinhood represents one of many solely firms related to conventional finance to enter the area.

As of January 2023, Robinhood claims to have 23 million complete consumer accounts and $74.7 billion in property beneath custody. That is considerably decrease than Coinbase’s claimed 110 million verified customers, however the asset rely stays comparable (Coinbase says it holds $80 billion in on-platform property). For comparability, rival firms MoonPay and Webull have an estimated 5 and 13 million customers, respectively. 

Together with the launch of Robinhood Join, the corporate additionally introduced a number of adjustments to the Robinhood app, akin to the power to conduct superior orders by way of cease orders and cease restrict orders.

Associated: Robinhood board offers nod to purchase Sam Bankman-Fried’s $578M stake

The brand new service and app upgrades come simply a few months after the launch of Robinhood’s personal branded self-custody pockets on the iOS App Retailer, which at the moment has a 3.9-star score and ranks No. 144 in downloads for the finance class.