Robinhood Ranks 5th as Largest Ethereum Holder

Robinhood’s Crypto Wallet

Arkham Intelligence, a crypto analytics platform, has revealed that Robinhood, a financial services company and crypto trading platform, is a major holder of Ether (ETH) and the owner of the fifth-largest ETH wallet, holding approximately $2.54 billion worth of the cryptocurrency.

When Arkham shared its discovery of Robinhood having the third-largest Bitcoin wallet, it gained considerable attention. However, its identification of Robinhood as the holder of the fifth-largest ETH wallet has not been given as much focus. In a separate ai update, Arkham highlighted that these funds are user balances under custody.

According to BitInfoCharts, the largest Bitcoin (BTC) wallets belong to Binance and Bitfinex. Besides ETH, Arkham Intelligence has also identified a wallet associated with Robinhood as containing 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) ($277.8 million), 4.9 million LINK ($29.7 million) and 2.6 million AVAX ($29.6 million). Despite its popularity in stock trading, Robinhood’s cryptocurrency trading activity has seen a decrease, with second-quarter crypto revenue dropping to $31 million from the initial quarter’s $38 million.

On Wednesday, Aug. 30, the company announced the expansion of its wallet product, incorporating “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin,” alongside the existing feature of facilitating Ethereum swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.

When it was first released in March, the Robinhood Wallet provided self-custody services, covering the Polygon and Ethereum networks, as well as various tokens such as COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin.

The update to the wallet product has been a response to the growing demand for web 3.0 technology, as well as the need for users to have access to a wider range of crypto coins and tokens. With the new capabilities, users are now able to buy, send, and receive Bitcoin and Dogecoin, as well as invest in web 3.0 tokens.