Now Robinhood customers can deal with three third-party crypto wallets via “Robinhood Connect”.
Robinhood is a crypto & stock trading platform. Along with trade services, this publicly listed firm also provides individual retirement accounts via a mobile app introduced in March 2015. In early 2021, Robinhood reportedly generated huge profits from the Dogecoin transaction and after that, this firm injected more investment into its crypto platform to attract more crypto Investors.
On 27 April 2023, Robinhood announced its new feature “Robinhood Connect”. Through this new feature, Robinhood customers can easily interact with third-party crypto wallets.
For now, Mydoge Wallet, Giddy Wallet, & Slingshot Wallet support is available with this new feature. Soon Exodus & Phantom wallet support will come.
The press release noted that Robinhood Connect will allow users to fund their Web3 wallets while using other apps and without logging into their Robinhood Crypto account. In short, Robinhood is now becoming a more friendly platform for crypto Investors.
Robinhood vs SEC
In late Feb of this year, Robinhood disclosed that the company received a subpoena from the United States Securities and Exchange Commission (SEC) in Dec 2022 over several factors like crypto listings, crypto custody practices, and platform operations.
SEC vs Crypto
Over the past couple of years, the US SEC agency took several enforcement actions against fraud crypto projects & companies but in the last three months of the time frame the agency took strict action against highly regulated crypto companies despite their high compliance nature.
Around a dozen crypto companies received either Wells notice or enforcement actions from the SEC agency.