US Robinhood to offer a function to link cryptocurrency wallets and DeFi

“Robinhood Connect” is now available

Robinhood, a major US investment app, announced on the 27th that it will soon start offering “Robinhood Connect,” which links its crypto asset (virtual currency) wallet and DeFi (decentralized finance) app.

Introducing our latest investment in crypto, Robinhood Connect: https://t.co/SmENSYufBA

A low-cost, on-ramp for customers, and a seamless integration for developers. Learn more: https://t.co/rnBnR0LYww pic.twitter.com/6uSIAJkudO

— Robinhood (@RobinhoodApp) April 27, 2023

DeFi developers can now easily incorporate this functionality into their dApps (decentralized apps).

dApps users will be able to use their Robinhood credentials to purchase cryptocurrencies, send money, and send money to self-custody wallets provided by Robinhood. No need to open a separate Robinhood app.

What are dApps

An abbreviation of “Decentralized Applications”, it is called “decentralized application” in Japanese. A major feature is that there is no centralized administrator. The most popular is the Ethereum blockchain, where apps such as games and decentralized exchanges (DEXs) are being developed.

Cryptocurrency Glossary

In September 2022, Robinhood will release a beta version of its self-managed Web3 wallet, Robinhood Wallet. It officially launched for iOS users in March this year.

connection: US Robinhood launches polygon-enabled Web3 wallet beta version

It is a multi-chain self-managed wallet that supports Ethereum (ETH) and the network of over 50 Ethereum standard tokens, Polygon (MATIC). Users can also view and store collections of NFTs (Non-Fungible Tokens).

What is a self-managed wallet?

A wallet that is used to manage private keys and hold assets by yourself instead of an exchange. It is also called “self-hosted” or “self-custody”.

Cryptocurrency Glossary

Johann Kerbrat, head of Robinhood’s cryptocurrency division, commented:

We believe in the future of Web3. With the accessibility and ease of use of cryptocurrencies at its core, we have continued to create new products that make Robinhood the lowest cost and easiest-to-use option for users to start investing in cryptocurrencies.

Improving cryptocurrency services

In addition to Robinhood Connect, Robinhood is also making some new improvements to its cryptocurrency service this time around. Mainly, I mentioned the following.

Advanced chart
Advanced order type
price alert

The chart function provides various technical indicators such as MACD, EMA, and Bollinger Bands. Users can also place advanced orders such as stop orders (stop orders) that specify a more unfavorable rate than the current one.

In addition, it also provides a “Learn and Earn” function that allows users to earn a small amount of virtual currency by taking an educational program about virtual currency.

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