Robinhood recently declared the official release of its crypto wallet for Android users. It aims to enhance its accessibility for millions of users.
The Robinhood Wallet app is now available on Google Play, as announced on March 20. The app description says users can own and manage their blockchain assets in their self-custody wallet. In addition, it supports networks for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.
What is in the Robinhood Wallet?
The Robinhood Wallet has become quite popular among users since it was launched for iOS in early 2023. It has been downloaded by hundreds of thousands of people across more than 140 countries. Launching on Android is another step forward in Robinhood’s mission to democratize finance.
Like all self-custody wallets, the Robinhood Crypto Android and iOS apps store private keys directly with no access from developers, and backups are possible via Google Drive or iCloud.
#Android users Robinhood Wallet is here https://t.co/4ZlUs0GOy3 https://t.co/tnxVfd436M
— Robinhood (@RobinhoodApp) March 20, 2024
Features of Robinhood
Users can directly trade major cryptocurrencies and altcoins on the company’s platform. In addition, the ‘Robinhood Connect’ initiative launched in 2023 allows users to fund their crypto wallets through purchases within its brokerage platform.
The new EU Robinhood Crypto application charges zero trading fees and offers customers a percentage of their monthly trading volume in Bitcoin. Moreover, the company also said that the wallet’s Android launch is just the beginning.
The Wallet’s launch on Android comes less than a month after the firm announced a partnership that simplifies the path to Layer 2s. Moreover, wallet users can access Arbitrum swaps through decentralized exchanges to streamline the process of swapping.
Under the Arbitrum collaboration, Robinhood and the partner company will work together to support user access to cross-chain swaps and other campaigns that should lower barriers related to the use of web3 on the Wallet.
Expansion and Future Plans of Robinhood
During the last cryptocurrency bull run, Robinhood saw significant earnings growth, primarily driven by Dogecoin’s success. Although this success was short-lived, the company reported revenues from crypto that were higher than expected in February. It caused a 15% increase in its shares.
Robinhood expanded its crypto-related business, as it was among the companies offering spot Bitcoin ETFs following the historic approval by the U.S. Securities and Exchange Commission (SEC).
It was done, enabling European customers to trade over 25 tokens, including popular cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano, Solana, and Polkadot. Looking ahead, the company plans to expand its token selection further and introduce features like staking.
Summary
Robinhood has launched its cryptocurrency wallet for Android users, which is free of trading fees and offers perks to customers. In addition, the company plans to add more features based on user feedback. After the SEC’s approval, the company also expanded its crypto-related business by offering Bitcoin ETFs.
