Robinhood launches crypto wallet for Android users

Discount brokerage Robinhood has expanded its crypto wallet access to Android users.

According to the March 20 announcement, the Robinhood Wallet app is now available on Google Play. “Own and manage all your blockchain assets in your very own self-custody wallet, featuring network support for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base,” reads the app’s description. “You can also swap thousands of tokens on Ethereum, Arbitrum, and Polygon via decentralized exchange (DEX) aggregators,” it adds. The app has since surpassed 10,000 downloads.

The same day, Johann Kerbrat, general manager of Robinhood Crypto, revealed that the brokerage’s iOS crypto wallet has been “downloaded hundreds of thousands of times in 140+ countries” since its launch in March 2023. At the time, the iOS crypto wallet’s waitlist surpassed 1 million users. Like all self-custody wallets, private keys are stored directly within the Robinhood Crypto Android and iOS apps, with no access from developers and backups possible via Google Drive or iCloud.

Currently, Robinhood allows users to trade major cryptocurrencies and altcoins directly. In 2023, the firm launched its Robinhood Connect initiative, which allows users to directly fund their crypto wallets through purchases within the Robinhood brokerage platform. The firm reported an annual transaction revenue of $135 million last year from customers’ crypto trading activities, a 33% decrease compared to 2022. In addition, the firm currently holds more than $14 billion worth of clients’ cryptocurrencies, compared to $8.4 billion in 2022.

Robinhood launched crypto trading services in Europe. All eligible customers in the European Union region can access Robinhood for crypto trading services, with over 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app also charges zero trading fees, and customers will also receive a percentage of their trading volume back every month in Bitcoin.

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