Robinhood Markets has announced the launch of “Robinhood Connect,” a new fiat-to-crypto on-ramp service that supports self-custody wallets and decentralized applications (DApps). With this service, users can purchase and trade cryptocurrencies directly through their self-custody wallets or within DApps using a debit or credit card. Robinhood Connect is also integrated with Web3 projects, enabling developers to embed the service directly into their applications. At present, the MyDoge, Giddy, and Slingshot ecosystems have access to the service, while support for Exodus and Phantom is expected in the near future. The launch of Robinhood Connect and app upgrades follows Robinhood’s branded self-custody wallet launch earlier this year.
The new service is expected to compete with Coinbase Pay and MoonPay in the market for fiat-to-crypto services, with Robinhood being the only traditional finance company to enter this space.