Robinhood has launched a new service called "Robinhood Connect", which is a fiat-to-crypto on-ramp that supports self-custody wallets and decentralized applications (DApps). This was announced at the Consensus 2023 event on April 27, 2023. The service allows users to buy and sell cryptocurrencies natively in DApps using a debit or credit card.

Robinhood's new service aims to simplify fiat-to-crypto transactions for self-custody wallets and DApps. This service follows the launch of Robinhood's self-custody wallet on the iOS App Store. As of January 2023, Robinhood reported having 23 million users and $74.7 billion in assets under management. MoonPay and Webull have an estimated 5 and 13 million users, respectively.

Robinhood Connect is positioned as a rival to Coinbase Pay and MoonPay, and it enables users to buy and sell cryptocurrencies directly from their self-custody wallets or within DApps using a credit or debit card. With the introduction of Robinhood Connect, users can purchase and sell cryptocurrencies directly to their self-custody wallet or natively in DApps using a credit or debit card, positioning the service as a competitor to Coinbase Pay and MoonPay. Robinhood also announced new features on its app, including advanced orders via stop orders and stop limit orders.

Developers can integrate Robinhood Connect directly into Web3 projects, enabling users to access their Robinhood credentials natively within DApps. This eliminates the need for customers to open the Robinhood website or app separately to log in and conduct transactions.

Robinhood's self-custody wallet, which has a 3.9-star rating and ranks 144th in the finance category on the iOS App Store, was launched a few months before the new service and app upgrades. Robinhood is one of the few traditional finance companies to enter the not-so-crowded market for fiat-to-crypto services with Robinhood Connect.

Robinhood's expansion into the crypto markets is an important development for the industry. It could have the potential to bring millions of new investors into crypto, which would be a huge step forward in terms of adoption and mainstreaming.