Robinhood, the discount brokerage firm, has recently broadened access to its crypto wallet, extending its availability to Android users. The Robinhood Wallet app, as of a March 20 announcement, is now accessible on Google Play. The app's description underscores its functionality, highlighting features such as self-service management of blockchain assets, with support for various networks including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. Additionally, users can engage in decentralized exchange (DEX) trading, facilitating the exchange of thousands of tokens on Ethereum, Arbitrum, and Polygon. The app has garnered over 10,000 downloads thus far.
Johann Kerbrat, the general manager of Robinhood Crypto, disclosed on the same day that the iOS version of the brokerage’s crypto wallet has achieved substantial traction since its launch in March 2023. The iOS wallet has been downloaded “hundreds of thousands of times in more than 140 countries,” amassing over 1 million users. Like all self-service wallets, private keys are stored directly within the Robinhood Crypto Android and iOS apps, without the ability for developers to access and back them up via platforms like Google Drive or iCloud.
Currently, Robinhood enables users to trade a wide range of major cryptocurrencies and altcoins directly through its platform. In 2023, the company introduced its Robinhood Connect program, allowing users to seamlessly fund their crypto wallets through transactions within the Robinhood brokerage platform itself. Despite a 33% decline in annual trading revenue from client cryptocurrency trading activity in 2023 compared to 2022, amounting to $135 million, the company has seen substantial growth in customer cryptocurrency holdings, which now stand at over $14 billion, up from $8.4 billion in 2022.
Eligible customers across the EU gained access to Robinhood's cryptocurrency trading services, offering a selection of over 25 cryptocurrencies for trading. Notably, the new EU Robinhood Crypto app boasts zero trading fees, and customers are entitled to receive a percentage of their Bitcoin trading volume back each month, enhancing the appeal of the platform to European users.
