Robinhood, the discount brokerage, has broadened the availability of its crypto wallet to Android users, as disclosed in an announcement on March 20. Now accessible on Google Play, the Robinhood Wallet app empowers users to own and manage their blockchain assets independently. The wallet supports a range of networks, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. Moreover, users can engage in decentralized exchange (DEX) trading for thousands of tokens on Ethereum, Arbitrum, and Polygon through the app's features. Since its launch, the app has been downloaded over 10,000 times.
Johann Kerbrat, the general manager of Robinhood Crypto, revealed on the same day that the iOS version of the brokerage's crypto wallet has seen substantial adoption. With downloads reaching hundreds of thousands and users spanning more than 140 countries since its introduction in March 2023, the iOS wallet has surpassed 1 million users. The wallets, available on both Android and iOS, safeguard private keys directly within the Robinhood Crypto apps, ensuring security and privacy. Notably, these keys are inaccessible to developers and cannot be backed up via Google Drive or iCloud.
Robinhood presently offers users the ability to trade a variety of major cryptocurrencies and altcoins directly through its platform. The introduction of the Robinhood Connect program in 2023 further streamlined the process, enabling users to directly fund their crypto wallets via purchases made within the brokerage platform. Despite a 33% decline in annual trading revenue from client cryptocurrency activity compared to 2022, amounting to $135 million last year, Robinhood has seen a surge in customer cryptocurrency holdings, totaling over $14 billion, up from $8.4 billion in 2022.
Expanding its cryptocurrency services globally, Robinhood ventured into the European market. The launch allowed all eligible customers in the EU to access Robinhood's cryptocurrency trading services, offering a diverse selection of over 25 cryptocurrencies for trading. Notably, the EU Robinhood Crypto app imposes zero trading fees and provides customers with a percentage of their monthly Bitcoin trading volume as an additional incentive.
