Although Robinhood is well-known for its participation in the regular stock market, it has seen a decrease in the cryptocurrency market.
The cryptocurrency analytics platform Arkham Intelligence has identified the finance company and cryptocurrency trading platform Robinhood as a major Ether (ETH) holder and the owner of the fifth-largest ETH wallet.
In a post to its X (previously Twitter) account, Arkham noted that while Robinhood’s status as the third-largest Bitcoin wallet had received considerable attention, Arkham’s status as the holder of the fifth-largest ETH wallet had received much less.
It’s worth noting that Robinhood holds these monies in a separate account for each customer. According to BitInfoCharts, Binance, and Bitfinex own the majority of Bitcoin wallets in circulation, demonstrating enormous stakes in the cryptocurrency market.
According to the research conducted by Arkham Intelligence, the wallet associated with Robinhood stores a number of other cryptocurrencies, including 122,076 BTC (equivalent to $3.3 billion), an astounding 34.1 trillion Shiba Inu tokens (approximately $277.8 million), 4.9 million Chainlink tokens (approximately $29.7 million), and 2.6 million Avalanche tokens (approximately $29.6 million).
Robinhood has seen a fall in its engagement in cryptocurrency trading, despite its dominance in regular stock trading.
On August 30th, Robinhood announced that its wallet product options will be growing. This add-on includes Bitcoin and Dogecoin sending and receiving functionality, as well as custodial services.
According to the corporation, this improvement is a direct result of consumer requests for more help. When Robinhood Wallet first came out in March, it offered self-custody options for the Polygon and Ethereum networks.
In addition to the USD Coin stablecoin, the wallet supported a wide variety of tokens, such as Compound, Polygon, SHIB, Solana, Uniswap, and Uniswap.
In conclusion, Robinhood’s ongoing efforts to address user needs and diversify its offerings in the rapidly evolving crypto landscape are evidenced by the company’s extensive holdings of Ethereum and other cryptocurrencies, as revealed by Arkham Intelligence, as well as by the expansion of Robinhood’s wallet functionalities.
Also Read: Karnataka Police Open Internal Investigation Into How Evidence Was Handled In Bitcoin Scam
Wallets