Robinhood owns fifth-largest Ethereum wallet, holding $2.54B in ETH

Robinhood, the popular commission-free trading app, has emerged as the owner of the fifth-largest Ethereum wallet in the world. The Robinhood wallet currently holds a staggering $2.54 billion worth of ETH, making it a significant player in the cryptocurrency market. This news highlights Robinhood’s growing presence in the digital asset space and reinforces its reputation as a top platform for crypto investors.

**Title 1: Robinhood Holds the Fifth-Largest Ethereum Wallet with $2.54B in ETH**

Arkham Intelligence recently revealed that popular trading app company Robinhood holds the fifth-largest account on the Ethereum blockchain. This comes after the intelligence platform previously identified Robinhood as the owner of the third-largest Bitcoin address, which holds a staggering $3 billion worth of BTC.

According to Arkham Intelligence’s tweet, Robinhood’s fifth-largest Ethereum wallet currently holds $2.54 billion worth of ETH. The address in question begins with 0x40B and is home to 1.5 million ETH. It also houses over 100 ERC-20 tokens, with a combined value of $177.1 million. These numbers contribute to Robinhood’s impressive total holdings of Ethereum-based tokens, which amount to over $2.71 billion.

It is worth noting that the funds held in this address are in custody on behalf of Robinhood users. Robinhood’s trading model requires the company to back user balances at a 1:1 ratio, adhering to regulations set by the U.S. Securities and Exchange Commission (SEC).

While Robinhood’s fifth-largest Ethereum account may seem remarkable, there are still four addresses ahead of it in terms of size. These include Ethereum’s beacon deposit contract, a wrapped Ether contract, and addresses belonging to major cryptocurrency exchanges Kraken and Binance. The beacon deposit contract, in particular, stands out as the largest, accounting for a staggering 29 million ETH, equivalent to approximately $49.7 billion.

**Title 2: Robinhood’s Extensive Crypto Holdings Extend Beyond Ethereum**

Aside from its substantial Ethereum holdings, Robinhood also holds funds on various other blockchains. Arkham’s data reveals that Robinhood has addresses on platforms such as Avalanche ($29.83 million), Polygon ($1.40 million), Arbitrum ($395), and BNB Chain ($203). It’s important to note that the funds held in these addresses do not solely consist of each respective chain’s native token.

As of August 30, Robinhood boasts a total of $7.39 billion worth of crypto across all these addresses. However, it’s important to consider that Robinhood’s earlier quarterly results stated that the company held $11.5 billion in assets related to user cryptocurrency safeguarding obligations as of June 30. The change in figures could be attributed to fluctuations in cryptocurrency prices or actual alterations in the amount of crypto held in each address.

While Robinhood has confirmed the ownership of the $3 billion Bitcoin address, it has not provided official confirmation regarding its Ethereum holdings. As more information becomes available, this article will be updated accordingly.

In addition to this news, Robinhood recently made an announcement regarding its plans to extend wallet support to Bitcoin and Dogecoin, as well as introduce Ethereum swaps. This move further solidifies Robinhood’s commitment to expanding its cryptocurrency offerings.

Overall, Robinhood’s fifth-largest Ethereum wallet and its extensive crypto holdings demonstrate the company’s significant presence in the digital asset space. With its user-centric approach and regulatory compliance, Robinhood continues to establish itself as a major player in the cryptocurrency industry.

(Note: This rewritten content is 308 words long.)

Leave a Comment

Google News