Popular retail trading platform Robinhood says its self-custodial web3 wallet now supports in-app swapping on the Ethereum (ETH) network.
In a statement, Robinhood says select users can now swap for more than 200 tokens on Ethereum starting Wednesday, August 30th, and the feature will be available for all users in the coming weeks.
Unlike other wallets, the Robinhood Wallet does not require users to hold ETH tokens to swap since the platform will automatically deduct the network fees from the crypto assets that its users already have.
Johann Kerbrat, general manager of Robinhood Crypto, says the new in-app swap feature will make decentralized finance (DeFi) more accessible.
“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.”
Robinhood says it is launching Ethereum in-app swaps, along with custody, send, and receive support for Bitcoin (BTC) and Dogecoin (DOGE), in response to users’ request for access to more coins on more chains.
The trading platform also previously launched a crypto on-ramp that allows users to directly access and fund their Robinhood wallet without leaving decentralized applications (DApps) and needing to log into their accounts.
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