Popular trading app Robinhood has introduced a new feature called Robinhood Connect, which will allow users of its crypto wallet to access their funds and credentials directly from decentralized finance (DeFi) protocols and applications.

This new feature aims to make it easier for Robinhood users to access DeFi applications seamlessly, without having to open the Robinhood app each time. Developers will also be able to embed Robinhood Connect in their apps. Other new features that Robinhood announced include a crypto home tab, price alerts, and advanced charts that enable users to manage their portfolio, keep track of the price of crypto assets, and place stop and limit orders.

Robinhood is aiming to position itself as the “lowest cost, easiest to use on-ramp to crypto” and democratize the financial system for everyone. The introduction of Connect reaffirms Robinhood's promise to enhance its services and democratize access to the financial system. Crypto presents a golden opportunity for users to diversify their finances and adapt to the world of Web3, according to the company.

Robinhood says it hopes that Robinhood Crypto will become the most trusted, cheapest, and easiest-to-use crypto on-ramp. Robinhood released its much-anticipated Wallet in January to a waitlist of one million users after letting in just 10,000 waitlisted customers to its beta in September.

However, Robinhood recently found itself under investigation by the U.S. Securities and Exchange Commission, joining many other crypto firms in the regulator's crosshairs, over its crypto listings and custody of assets. Despite this, Robinhood has continued to prioritize improving its services for its users, introducing Connect to make DeFi more accessible to those who use Robinhood's crypto wallet.

(By Jonah Elkowitz)