Robinhood Crypto Wallet Adds Support for Bitcoin and Dogecoin

Updated: 31 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The Robinhood crypto wallet has added support for Bitcoin and Dogecoin, its first expansion beyond the confines of Ethereum.

“Beginning today, we have launched custody, send, and receive support for Bitcoin and Dogecoin to all users,” wrote Robinhood in a blog post.

Robinhood Wallet Update 🚨Support for custody, send and receive of BTC and DOGE is now available to all users, and in-app swaps on the Ethereum network are rolling out starting today. 🔥ETH swaps will become available to everyone in the coming weeks. Stay tuned and learn more:…

— Johann Kerbrat (@JohannKerbrat) August 30, 2023

Robinhood has also enabled Ethereum swaps on the platform. In-app Ethereum swaps will be rolled out to select users for more than 200 token and will become available to all others in the coming weeks, the post said.

Increased Adoption of Robinhood App Led to This Decision

Robinhood’s wallet only supported Ethereum and tokens built on the Ethereum blockchain when it was launched in March of this year. Crypto analysis platform Arkham Intelligence has recently reported that Robinhood is the owner of the world’s fifth-largest Ethereum wallet, holding over $2.5 billion worth of the world’s biggest altcoin.

Since its launch, the Robinhood wallet was been adopted by hundreds of thousands of users in more than 140 countries. Currently, Robinhood has over 10.8 million active monthly users.

“With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web3 ecosystem and reduced some of the challenges and barriers to entry for everyday people,” said Johann Kerbrat, GM of Robinhood.

“We’ve been really encouraged by the adoption so far and are excited to keep building for our customers around the world as we ship new features and expand support for new networks and tokens.”

Multiple Developments in the Robinhood Ecosystem

Since its launch, Robinhood Wallet has brought several new additions.

Web 3 Browser

Robinhood’s Web 3 brokers let users connect decentralized applications directly to the wallets, giving them access to an array of blockchain-related utilities.

More Networks

While Robinhood started with supporting only Ethereum and assets built on the Ethereum blockchain, it later added support for Arbitrum and Optimism. The latest addition of Bitcoin and Dogecoin has further expanded the Robinhood network. The blog post has also stated that the addition of more secure layer 2 chains is also in the works.

Fiat On-Ramp via Robinhood Connect

US-based users can buy and transfer crypto using Robinhood Connect, a fiat on-ramp platform that lets users transfer crypto via debit, bank transfer, and Robinhood balance.

Addition of USDC to the Rewards Program

Robinhood has started multiple rewards programs that let users learn about crypto and earn from it. Recently, it has added USDC to this program.

Bitcoin Surpasses $27k; DOGE Also Trading In the Green

The news of Robinhood adding support for Bitcoin and Dogecoin comes hard on the heels of Grayscale’s victory over the US SEC in the Bitcoin ETF case.

The win boosted Bitcoin’s price by $1,700k shortly immediately after the news broke yesterday, pushing it past $27k. At 6:00 am EST, Bitcoin was trading at $27.2k.

Dogecoin followed the price action closely, pushing through its psychological resistance of $0.065 to reach $0.066. At 6:00 am EST, DOGE was valued at $0.066.