Robinhood adds BTC and DOGE support to crypto wallet

Robin Hood

Online broker Robinhood has expanded the number of networks supported by the non-custodial Web3 wallet to Bitcoin and Dogecoin.

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The initiative is driven by the desire of the company’s clients to have more assets on more blockchains.

Previously, users were able to receive, send and transfer in Ethereum and second-level networks – Arbitrum, Optimism and Polygon.

At the same time, Robinhood introduced for selected users the ability to exchange the second largest cryptocurrency by capitalization for more than 200 assets.

As payment for commissions, you can choose Ethereum and any token in the wallet.

Other customers will be able to evaluate the new functionality “in the coming weeks.”

According to the company, the wallet is already used by hundreds of thousands of users in 140 countries around the world.

“With Robinhood Wallet, we have removed many of the complexities of DeFi and the wider ecosystem Web3. The developers have also reduced some of the problems and barriers for ordinary people.” — said Johann Kerbrath, CEO of Robinhood Crypto.

The company recalled that since the launch of the solution in March 2023, developers have implemented a Web3 browser and fiat gateway.

An iOS version is currently available. For Android devices, it will be released “later this year.”

On August 31, Arkham Intelligence linked Robinhood to the fifth largest Ethereum address. It contains 1.493M ETH (~$2.54B), 20T Shiba Inu ($163M), 14.23M LINK ($14.23M), and 1M AVAX ($10.4M).

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The analytics platform previously linked Robinhood to the third largest Bitcoin address (26,081 BTC (~$3.09 billion)).

Recall that in the second quarter of 2023, Robinhood’s digital asset revenue fell 18.5% year-on-year to $31 million. The company held $12 billion in cryptocurrencies on behalf of customers.

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