In this article, we delve into the latest data revealing that Robinhood holds the 5th largest Ethereum wallet, which is valued at an impressive $2.5 billion. Explore the significance of this information and gain insights into Robinhood’s growing presence in the cryptocurrency market.
Robinhood: The Fifth Largest Ethereum Holder with 1.493 Million ETH
Robinhood, the popular US-based investing and trading platform, has recently gained attention for being the owner of the fifth largest Ethereum (ETH) wallet address in the market. With a total of 1,493,000 ETH, valued at $2.54 billion based on Ethereum’s current price, Robinhood’s cold wallet is the second-largest crypto holding in its portfolio, following its significant Bitcoin (BTC) holdings.
The inclusion of Ethereum in Robinhood’s wallet app has attracted significant interest from users. Previously supporting Bitcoin and Dogecoin, the platform’s recent addition of Ethereum swaps has expanded its range of services and options for crypto traders and investors.
The Ethereum Stash that Ranks Robinhood Behind Kraken and Binance
Data provided by Arkham Intelligence reveals that Robinhood’s Ethereum wallet address holds the fifth largest amount of ETH in the market. This places Robinhood behind major cryptocurrency exchanges Kraken and Binance, which hold $2.73 billion and $3.40 billion worth of ETH, respectively. However, Robinhood’s share of ETH is still substantial and significant.
It is worth noting that there are other notable Ethereum holders in the market. A wrapped Ether (wETH) Ethereum address with $5.36 billion and the Ethereum 2.0 Beacon deposit contract with over 29 million ETH valued at $49.8 billion are currently the top holders of the token.
Robinhood Expands Support for Bitcoin, Dogecoin, and Ethereum
In response to client demand for more token access, Robinhood has added support for Bitcoin and Dogecoin in its wallet app. Users can now easily custody, transfer, and receive Bitcoin and Dogecoin through the platform. Alongside this expansion, Robinhood also enables in-app swaps on the Ethereum network for over 200 tokens. While this feature is currently available to select users, it will be accessible to everyone in the coming weeks.
Since its launch in March 2023, Robinhood Wallet has gained significant global popularity, attracting users from 140 countries. Initially supporting Ethereum and Polygon, the platform later incorporated Arbitrum and Optimism. Robinhood is also actively working towards including cheap and fast layer-2 chains based on user demand. Currently available to iOS users, the wallet app will soon be available for Android users as well.
In conclusion, Robinhood’s presence in the cryptocurrency market continues to expand, with the platform establishing itself as a major player in both Bitcoin and Ethereum holdings. With its user-friendly wallet app and the addition of support for different cryptocurrencies, Robinhood aims to provide easy access and a seamless experience for crypto traders and investors.