• Robinhood has announced “Robinhood Connect”, which lets crypto investors directly buy and withdraw crypto to self-custody using a credit card.
• Robinhood also released its own self-custody wallet on IOS in March which has gathered over 100,000 downloads.
• A representative for the company said that the fallout from FTX has actually benefitted Robinhood in some ways.
Robinhood Introduces Crypto On-Ramp Service
Robinhood, a stock and crypto trading platform, has announced “Robinhood Connect”, a service that allows crypto investors to buy and withdraw crypto directly from their personal wallets using a credit card. The fiat-to-crypto on-ramp is currently live with MyDoge and Slingshot wallets, and will soon come to both Phantom and Exodus as well.
Self Custody Wallet Gathers Over 100,000 Downloads
In addition to introducing the new service, Robinhood also released its own self-custody wallet on IOS in March 2021 which has gathered over 100,000 downloads since then. This integration does not require users to open the Robinhood app to fund their wallet – they can now buy crypto directly within their personal wallet application itself. Furthermore, existing users of Robinhood can quickly fund their wallets with just a few clicks.
Benefits of Collapse of FTX Exchange
Speaking at Consensus 2023 conference held this week on Thursday (April 27th), Johann Kerbrat who is the Crypto General Manager for Robinhood stated that the collapse of FTX exchange has actually been beneficial for their platform in some ways – “For us, we’ve seen a bit of a flight to safety” he said. Despite any harm done to cryptocurrency’s reputation due to this incident – it was reiterated by the representative that they believe cryptocurrencies are going to be „the next operating system“.
Competition With MoonPay & Coinbase Pay
The launch of Robinhood Connect is set to compete against services such as MoonPay & Coinbase Pay but comes from a source more closely linked with traditional finance compared to these others. Furthermore due to being connected with one of the largest stock trading platforms – they have accesses numerous resources which help them create innovative products like this one quickly while still being compliant with all applicable regulations.
Overall it appears that Robin Hood is making great strides towards becoming an even bigger player within the cryptocurrency space by providing quick & easy access services such as these through direct integrations into personal wallets as well as launching their own self custody wallet applications on iOS devices – allowing people easier access than ever before!