Leading Crypto Trading Platform Holds $2.54 Billion in ETH
Arkham Intelligence, a crypto analytics platform, has identified financial services company and crypto trading platform Robinhood as a prominent holder of Ether (ETH). It is revealed that Robinhood possesses the fifth-largest ETH wallet, containing approximately $2.54 billion worth of the cryptocurrency.
Attention Shifts to Robinhood's ETH Holdings
While Arkham's previous announcement about Robinhood's third-largest Bitcoin wallet gained considerable attention, less focus has been placed on the company's identification as the holder of the fifth-largest ETH wallet. Arkham clarified that these funds are user balances under custody.
Other Cryptocurrencies Held by Robinhood
In addition to ETH, Robinhood's wallet is associated with various other cryptocurrencies. This includes 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) ($277.8 million), 4.9 million Chainlink's LINK ($29.7 million), and 2.6 million Avalanche (AVAX) ($29.6 million). It is worth noting that the largest Bitcoin wallets globally are reportedly owned by Binance and Bitfinex, according to BitInfoCharts.
Declining Crypto Trading Activity
Despite its prominence in stock trading, Robinhood has experienced a decline in cryptocurrency trading activity. In the second quarter, its crypto revenue dropped to $31 million from the previous quarter's $38 million.
Expansion of Robinhood Wallet
To meet user demands for broader support, Robinhood recently announced the expansion of its wallet product. The updated wallet now offers custodial, sending, and receiving capabilities for Bitcoin and Dogecoin. This enhancement complements the existing feature of facilitating Ethereum swaps.
Since its launch in March, the Robinhood Wallet has provided self-custody services for the Polygon and Ethereum networks. It also supports various tokens, including COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin.
