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 help for decentralized purposes (DApps) and self-custody wallets, was introduced at Consensus 2023 on April 27.

Positioned as a competitor to comparable providers similar to Coinbase Pay and MoonPay, Robinhood Join primarily permits customers 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 initiatives as builders can embed the service straight into purposes. This permits 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 obtainable within the MyDoge, Giddy, and Slingshot ecosystems however upcoming help for Exodus and Phantom has been introduced.

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

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

The marketplace for fiat-to-crypto providers similar to Robinhood Join is not 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 whole person accounts and $74.7 billion in belongings below 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 belongings). 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, similar to the flexibility to conduct superior orders by way of cease orders and cease restrict orders.

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

The brand new service and app upgrades come simply a few months after the launch of Robinhood’s own branded self-custody wallet on the iOS App Retailer, which presently has a 3.9-star ranking and ranks #144 in downloads for the finance class.