2023-04-28 13:06:29
On April 27, Robinhood introduced a new feature that will allow clients to use third-party cryptocurrency custodial applications to access the cryptocurrency functionality of the trading platform.
According to the company’s official press release, Johann Kerbrat, the CEO 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 multi-cryptocurrency wallet, Exodus. In the coming months, according to Robinhood, the capacity will be expanded to additional applications.
This feature allows clients to purchase tokens through the broker’s cryptocurrency exchange using decentralized applications, such as applications running on blockchains and external wallets. Additionally, Robinhood Connect, which developers will be able to include in their apps, will make accessing DeFi apps more convenient for Robinhood users.
Notably, Johann Kerbrat, managing director of Robinhood Crypto, recognizes that Web3 and cryptocurrencies have the potential to improve the future of the financial system, but also admits that there are currently significant barriers to its widespread acceptance. He insisted:
“Our belief in the future of Web3 remains strong and we have continued to build new products that put the accessibility and usability of cryptocurrency at the forefront for customers, positioning Robinhood as the easiest to use and most accessible cryptocurrency entry point. lower cost”.
NEW FEATURES ADDED TO THE ROBINHOOD PLATFORM
Also, the company released a number of additional features for its users. These features include Crypto Home Tab, Advanced Charts, Advanced Order Types, Price Alerts, Learn and Profit.
They claim that one of the most popular features requested by their customers is the feature “Advanced Graphics”. With this newly released feature, Users can easily adjust their trading strategy and follow technical indicators, such as MA, RSI, Volume, MACD, EMA, VWAP, and Bollinger Bands, to help them find the best opportunities to enter or exit positions..
The advanced charting 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 cryptocurrency trading platform.
The new function «Robinhood Connect» and the app updates come just a few months following the broker launched its own branded self-custody wallet on the iOS App Store for select users.
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