Robinhood launches Robinhood Connect, a new product for Web3 developers

Robinhood on Thursday announced a new product for Web3 developers called Robinhood Connect.

The product will allow Robinhood customers using outside wallets like Giddy and decentralized applications, or programs running on blockchains, to buy tokens via Robinhood. Currently, Robinhood lists 18 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).

The Robinhood Connect feature

In a statement announcing the launch of the Robinhood Connect feature, the general manager of Robinhood Crypto, Johann Kerbrat, said:

Besides allowing users to purchase cryptocurrencies, Robinhood Connect is free for developers to embed into Web3 applications. Customers will however incur small fees, including an existing 1.5% charge for buying cryptocurrencies using a bank account or debit card.

Upgrades to its existing crypto offerings

Besides the new Robinhood Connect feature, Robinhood also announced upgrades to its existing crypto offerings. The upgrades include a home-page redesign to highlight crypto products, personalized price alerts, and access to advanced charts rather than just line graphs that show a digital asset’s current price.

The announcements continue Robinhood’s steady expansion of crypto services despite the growing regulatory uncertainty and scrutiny, especially in the US where it operates.