Robinhood Adds Custody and Support for Bitcoin, Dogecoin, and Ethereum Swaps

Robinhood Adds Custody and Support for Bitcoin and Dogecoin

Robinhood has responded to user requests by adding custody, send, and receive support for Bitcoin and Dogecoin to its crypto wallet. The wallet already supports the Polygon and Ethereum networks, as well as tokens like COMP, MATIC, SHIB, SOL, UNI, and USDC. While the wallet is currently only available on Apple devices, it is expected to launch on Android later this year. Robinhood has also announced support for the Arbitrum and Optimism blockchains. This move comes after the company reported a decrease in crypto revenue in its recent earnings report. Additionally, Robinhood has introduced Ethereum swaps, which are currently rolling out to select users and will become available to everyone in the coming weeks. Users can swap tokens without holding Ethereum and network fees are automatically deducted from their existing tokens.

Key Points:

Robinhood has added custody, send, and receive support for Bitcoin and Dogecoin to its crypto wallet.
The wallet already supports the Polygon and Ethereum networks, as well as tokens including COMP, MATIC, SHIB, SOL, UNI, and USDC.
The wallet is currently only available on Apple devices, but it will be launched on Android later this year.
Robinhood has also announced support for the Arbitrum and Optimism blockchains.
The company reported a decrease in crypto revenue in its recent earnings report.

Your Hot Take:

Robinhood’s addition of custody and support for Bitcoin and Dogecoin shows its commitment to meeting user demands and expanding its crypto offerings. By introducing Ethereum swaps, the platform is providing a convenient way for users to trade tokens without the need to hold Ethereum. Although the company’s crypto revenue has decreased, the addition of popular tokens like Bitcoin and Dogecoin could help attract more users and potentially boost revenue in the future. Overall, Robinhood’s continued development of its crypto wallet demonstrates its efforts to stay competitive in the growing cryptocurrency market.