Robinhood Expands Crypto Wallet Access to Android Users, Holds $14B in Client Cryptocurrencies
Summary:
Robinhood, the discount brokerage, has extended access to its crypto wallet for Android users. The announcement, made on March 20th, states that the Robinhood Wallet app offers support for a variety of cryptocurrencies and enables token swaps via decentralized exchange aggregators. The iOS version of the app has seen broad international adoption since its launch in 2023. The company also reported an annual transaction revenue of $135 million from customers’ crypto trading activities in the last year and currently holds over $14 billion worth of clients’ cryptocurrencies. In December 2023, Robinhood expanded its crypto trading services to Europe.
Robinhood, the discount broker, has broadened its crypto wallet availability to those using Android systems. As per the announcement on March 20, the Robinhood Wallet app can now be downloaded via Google Play. Describing the app, developers stated, "this self-custody wallet lets you own and manage all your blockchain assets, offering network access for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base”. They added, “you have the option to swap a multitude of tokens on Ethereum, Arbitrum, and Polygon through decentralized exchange (DEX) aggregators." To date, the app has exceeded 10,000 installations.
On the same day, Johann Kerbrat, the Robinhood Crypto general manager, disclosed that the iOS crypto wallet provided by the brokerage has been downloaded on a "scale of hundreds of thousand times in over 140 countries" since its March 2023 debut. At that point, more than one million users were waiting for the iOS crypto wallet. In a similar manner to all self-custody wallets, the Robinhood Crypto Android and iOS apps securely store private keys, preventing developer access and allowing for Google Drive or iCloud backup options.
As of now, Robinhood gives its users the opportunity to directly trade major cryptocurrencies and alternate coins. In 2023, Robinhood kicked off the Robinhood Connect initiative, giving users the facility to fund their crypto wallets via purchases within the Robinhood brokerage platform. The firm recorded an annual trading revenue of $135 million in the previous year, generated from clients' crypto trading, reflecting a 33% decline compared to 2022 figures. Additionally, the firm currently manages over $14 billion in client cryptocurrencies, a leap from $8.4 billion in 2022.
On December 7, 2023, it was reported by Cointelegraph that Robinhood had initiated crypto trading services in Europe. All eligible customers throughout the EU region can access Robinhood for crypto trading services, with over 25 cryptocurrencies up for trading. The recently introduced EU Robinhood Crypto app offers zero trading fees, with customers eligible to receive a monthly percentage of their trading volume returned in Bitcoin.
Published At
3/20/2024 9:42:25 PM
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