Robinhood introduces fiat-to-crypto

Robinhood is one of the few traditional financial institutions to join the sector of fiat-to-crypto services like Robinhood Connect.

Robinhood introduces fiat-to-crypto
Robinhood introduces fiat-to-crypto

On April 27, Consensus 2023 announced the launch of “Robinhood Connect,” a fiat-to-crypto on-ramp with support for decentralized applications (DApps) and self-custody wallets.

Robinhood Connect, positioned as a competitor to similar services such as Coinbase Pay and MoonPay, enables users to buy and sell cryptocurrencies directly to and from their self-custody wallet or natively in DApps using a credit or debit card.

As developers can directly embed the service into their applications, Robinhood Connect is compatible with Web3 projects.

This enables users to access their Robinhood credentials natively within DApps without having to open the Robinhood website or app to conduct transactions.

The service is currently only available in the MyDoge, Giddy, and Slingshot ecosystems, but support for Exodus and Phantom has been announced for the near future.

In a company blog post, Johann Kerbrat, general manager of Robinhood Crypto, explained that the service was designed to bring more people into the cryptocurrency space:

“Crypto and Web3 have the potential to change the future of the financial system for the better, but we recognize there are still significant hurdles preventing broader adoption.”

The market for fiat-to-crypto services like Robinhood Connect isn’t exactly crowded, but Robinhood is one of the few traditional financial institutions to enter the space.

Robinhood claims to have 23 million user accounts and $74.7 billion in assets under custody as of January 2023.

This is considerably less than Coinbase’s alleged 110 million verified users, but the asset count is comparable (Coinbase claims to contain $80 billion in on-platform assets).

In comparison, MoonPay and Webull have approximately five and thirteen million subscribers, respectively.

In addition to the introduction of Robinhood Connect, the company announced several modifications to the Robinhood app, including the ability to place advanced orders using stop orders and stop limit orders.

The new service and app enhancements come just a few months after the launch of Robinhood’s branded self-custody wallet on the iOS App Store, which presently has a 3.9-star rating and ranks No. 144 in the finance category for downloads.


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