A financial and crypto trading platform, Robinhood, holds the fifth-largest Ethereum (ETH) wallet with around $2.54 billion worth of ETH for its users, as identified by Arkham Intelligence.
Previously, Arkham noted that Robinhood possessed the third-largest Bitcoin wallet, but it’s also important to mention their significant Ethereum wallet. The Ethereum and other cryptocurrencies in this wallet belong to Robinhood users.
Robinhood’s wallet also holds other cryptocurrencies: 122,076 Bitcoins ($3.3 billion), 34.1 trillion Shiba Inu tokens ($277.8 million), 4.9 million Chainlink tokens ($29.7 million), and 2.6 million Avalanche tokens ($29.6 million).
Despite being known for stock trading, Robinhood has been less active in the cryptocurrency market recently. In the second quarter, their cryptocurrency revenue decreased from $38 million to $31 million compared to the first quarter.
Robinhood upgraded its wallet as per user suggestions, enabling storage and transactions of Bitcoin, Dogecoin, and Ethereum. The wallet initially backed Ethereum, Polygon, and tokens like Compound, Polygon, Shiba Inu, Solana, Uniswap, and USD Coin.
Robinhood’s substantial holdings in Ethereum and other cryptocurrencies, along with its wallet improvements, reflect its adaptability to evolving user needs and the growing importance of crypto in the financial landscape.
Also Read: Mysterious $3 Billion Bitcoin Wallet Belongs To Robinhood
