Robinhood, the discount brokerage, has expanded access to its crypto wallet for Android users. The Robinhood Wallet app is now available on Google Play, allowing users to own and manage their blockchain assets in a self-custody wallet. The app supports various cryptocurrencies, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. Users can also swap tokens on decentralized exchanges like Ethereum, Arbitrum, and Polygon via DEX aggregators. The app has already been downloaded over 10,000 times.
On the same day, Johann Kerbrat, the general manager of Robinhood Crypto, revealed that the brokerage’s iOS crypto wallet has been downloaded hundreds of thousands of times in more than 140 countries since its launch in March 2023. The iOS crypto wallet’s waitlist has also surpassed 1 million users. Like all self-custody wallets, the private keys are stored directly within the Robinhood Crypto apps for both Android and iOS. Developers have no access to the keys, and users can create backups using Google Drive or iCloud.
Robinhood currently allows users to trade major cryptocurrencies and altcoins directly. In 2023, they introduced the Robinhood Connect initiative, enabling users to fund their crypto wallets through purchases within the Robinhood brokerage platform. Last year, the firm reported an annual transaction revenue of $135 million from customers’ crypto trading activities, a decrease of 33% compared to 2022. Robinhood holds over $14 billion worth of clients’ cryptocurrencies, compared to $8.4 billion in 2022.
In December 2023, Robinhood launched crypto trading services in Europe. Customers in the EU can access Robinhood for crypto trading, with a choice of over 25 cryptocurrencies. The new EU Robinhood Crypto app charges zero trading fees and offers customers a percentage of their trading volume back in Bitcoin every month.
The app’s support for various cryptocurrencies doesn’t make up for its lackluster performance. 😑
Robinhood’s growth is remarkable! From introducing the Robinhood Connect initiative to expanding into Europe, they are constantly innovating and providing value to their users. It’s exciting to be part of the Robinhood community.
A decrease in annual transaction revenue doesn’t stop Robinhood from providing a top-notch service! They still hold over $14 billion worth of clients’ cryptocurrencies, proving their reliability in the market. Impressive growth!
It’s fantastic that the private keys are stored directly within the Robinhood Crypto apps. 🔒 Security is crucial when it comes to cryptocurrency, and Robinhood is nailing it! I feel safe knowing developers have no access to my keys. 👍💪