On April 27, Robinhood unveiled a new feature that will enable customers to use external custodial crypto applications to access the trading platform’s cryptocurrency functionality.
According to the company’s official press release, Johann Kerbrat, GM of Robinhood Crypto, announced the Robinhood Connect feature yesterday at Consensus 2023. But, this will first be included in two cryptocurrency wallets: the Phantom Solana wallet and the Exodus multi-coin wallet. In the coming months, as per Robinhood, the capability will be expanded to additional applications.
This feature allows customers to purchase tokens through the brokerage’s cryptocurrency exchange utilizing decentralized applications, such as applications running on blockchains, and external wallets. Furthermore, Robinhood Connect, which developers will be able to include in their apps, will make accessing DeFi applications more convenient for Robinhood users.
Remarkably, Johann Kerbrat, GM of Robinhood Crypto, acknowledges that Web3 and cryptocurrencies have the potential to improve the financial system’s future, but he also admits that there are currently considerable barriers blocking their widespread acceptance. He insisted,
“Our conviction in the future of Web3 remains strong, and we’ve continued to build new products that put the accessibility and usability of crypto front and center for customers, positioning Robinhood as the lowest cost, easiest to use on-ramp to crypto.”
New Functions Added to the Robinhood Platform
In addition, the company released a number of additional features for its users. These features include Crypto Home Tab, Advanced Charts, Advanced Order Types, Price Alerts, and Learn and Earn.
They claim that one of the most popular features requested by their customers is the “Advanced Charts” function. With this newly-launched feature, users can simply fine-tune their trading strategy and follow technical indicators—like MA, RSI, Volume, MACD, EMA, VWAP, and Bollinger bands—to assist them locate the best opportunities to join or exit positions.
The advanced charts feature can be particularly useful for experienced traders who rely on technical analysis to make investment or trading decisions. Meanwhile, this sophisticated feature is capable of attracting more experienced traders to the crypto trading platform.
The new “Robinhood Connect” feature and app updates arrive just a few months after the broker launched its own branded self-custody wallet on the iOS App Store for select users.
