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- 1 Data shows Robinhood Wallet stands as the fifth biggest Ethereum (ETH) holder.
- 2 The wallet also included COMP, MATIC, SHIB, SOL, UNI, and the USDC.
Popular financial services company and crypto trading platform, Robinhood, a crypto analytics platform, has been identified as a prominent holder of Ether. The platform possesses the fifth-largest ETH wallet, housing approximately $2.54 Billion worth of cryptocurrency.
Intelligence analytics platform, Arkham Intelligence, made a statement on X (previously Twitter) about its discovery of Robinhood having the third-largest Bitcoin wallet, which attracted considerable interest.
However, the attention received on identifying the trading platform as the holder of the fifth-largest ETH wallet was comparatively less. In a distinct update, Arkham highlighted that these funds represent user balances held in custody.
According to BitInfoCharts, the largest Bitcoin wallets globally are said to be under the ownership of Binance and Bitfinex.
As per Arkham Intelligence, a wallet linked to Robinhood contains a range of different cryptocurrencies. This includes 122,076 BTC valued at $3.3 Billion, 34.1 Trillion Shiba Inu worth $277.8 Million, 4.9 Million Chainlink tokens valued at $29.7 Million, and 2.6 Million Avalanche tokens worth $29.6 Million.
Despite its significant presence in stock trading, Robinhood’s cryptocurrency trading engagement has decreased with crypto revenue in the second quarter dropping to $31 Million from the initial quarter’s $38 Million.
On August 30, Wednesday, the company revealed its plans to expand its wallet product. This expansion includes the addition of “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin” in addition to the existing feature of facilitating Ethereum swaps.
The decision to enhance the wallet was made in direct response to user requests for more comprehensive support, according to the company’s statement.
Major Altcoins in Robinhood Wallet
When it was first introduced in March, the Robinhood Wallet offered self-custody services primarily for the Polygon and Ethereum networks. The wallet also included a variety of tokens, such as Compound’s token COMP, Polygon’s token MATIC, SHIB, Solana, Uniswap, and the USD Coin stablecoin.
The crypto financial services provider has revealed the inclusion of Bitcoin (BTC) and Dogecoin (DOGE) in itself-custody crypto wallets. Additionally, the Robinhood Wallet now offers support for Ethereum swaps, enabling users to convert ETH into more than 200 other ERC-20 tokens.
The company has taken steps to enhance the versatility and user-friendliness of its wallet by introducing support for Bitcoin and Dogecoin. Previously, the wallet was limited to Ethereum and ERC-20 tokens and this expansion aims to offer new possibilities for cryptocurrency users.
Christine Brown, who serves as the Head of Crypto at Robinhood, expressed enthusiasm about the addition of Bitcoin and Dogecoin to the wallet. She highlighted that these two widely recognized cryptocurrencies have been included to provide users with the capability to store, send, and receive them.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
