Commission-free brokerage Robinhood Markets has expanded the capabilities of its crypto wallet by adding support for Bitcoin (BTC) and Dogecoin (DOGE), extending its reach beyond the Ethereum ecosystem.
As per the announcement, users of the Robinhood wallet can now send and receive both BTC and DOGE, in addition to Ether and tokens built on the Ethereum blockchain.
Previously limited to sending and receiving Ethereum and related tokens, the wallet’s expansion was prompted by user demand for broader asset coverage across various blockchain networks. The wallet now enables swap features for select users, allowing them to trade Ethereum for more than 200 different assets.
Robinhood’s wallet is capable of charging users gas fees from any tokens they hold, not just Ethereum. The company plans to roll out the swap feature to all users in the coming weeks.
The wallet was initially launched for Apple devices in March and supported the Polygon and Ethereum networks, along with tokens like COMP, MATIC, SHIB, SOL, UNI, and USDC. While it’s not yet available for Android devices, the functionality is expected to launch later this year. Since its launch, Robinhood’s wallet has also added support for the Arbitrum and Optimism blockchains.
This move to include Bitcoin and Dogecoin comes after Robinhood’s recent earnings report, where it announced that crypto-related revenue fell to $31 million from $38 million in the previous quarter. The wallet expansion and support for popular tokens like Bitcoin and Dogecoin could provide a boost to its crypto business and user engagement.
Earlier in June, Robinhood delisted three crypto tokens from its platform – Solana (SOL), Cardano (ADA), or Polygon (MATIC) – after the US intensified its regulatory actions against major cryptocurrency exchanges.
The move indicates that Robinhood is taking the SEC’s actions seriously and is considering potential changes to comply with regulatory requirements in the digital asset space. The watchdog filed lawsuits against both Binance.US, the American subsidiary of the largest cryptocurrency exchange globally, and Coinbase, the largest exchange in the United States. The SEC alleges that several tokens listed on these exchanges are unregistered securities, which violates securities laws.
Robinhood provides its users with access to a relatively limited selection of cryptocurrency assets, offering 18 different tokens compared to the larger range available on crypto-native giants like Coinbase. However, the zero-fee app said it wants to expand its crypto offering as customers have consistently requested a more extensive set of coins and tokens as well as the ability to send and receive cryptocurrencies. While many are near worthless, the cryptocurrencies listed by Robinhood tend to be among the better known and more valuable assets.