• Robinhood has announced “Robinhood Connect”, which allows crypto investors to directly buy and withdraw crypto using a credit card.
• The integration will not require users to open the Robinhood app to fund their wallet, letting them buy crypto directly within their wallet app.
• A representative for the company said that the fallout from FTX has actually benefitted Robinhood in some ways.
Robinhood Now Lets Users Buy Crypto Directly From Their Personal Wallet
Robinhood stock and crypto trading platform has announced “Robinhood Connect”, allowing users to directly purchase and withdraw cryptocurrencies from their self-custody wallet using a credit card. This service is currently available with wallets such as MyDoge and Slingshot, with Phantom and Exodus soon coming onboard. The fiat-to-crypto on-ramp is set to compete against existing services like MoonPay and Coinbase Pay.
Funding Wallets Without Opening the App
The integration does not require users to open the Robinhood app in order to fund their wallets; instead they can buy cryptocurrencies directly within their own wallet apps. For those who already have an account with Robinhood, they can easily fund their wallets within a few clicks.
Recent Crypto Developments
In recent times, Robinhood has been introducing various cryptocurrency related products including its own self-custody wallet on IOS back in March which has gained over 100,000 downloads so far. Speaking at Consensus 2023, a representative for the company stated that due to FTX’s collapse, there have been some benefits experienced by Robinhood too such as „a bit of flight safety“.
Belief In Crypto Assets
Despite any damage caused to cryptocurrency’s reputation due to events like this one mentioned above by the representative; he reiterated that Robhinood still believes cryptocurrency will be „the next operating system of finance“.
With this new development, it seems that more people are beginning to adopt digital assets and use them as part of everyday life thanks in part to companies like Robhinood making access easier than ever before!