Discount brokerage Robinhood has broadened its crypto wallet access to Android users, a move announced on March 20. The Robinhood Wallet app is now accessible on Google Play, allowing users to own and manage their blockchain assets in a self-custody wallet.
The app supports networks for popular cryptocurrencies such as Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. Additionally, users can swap thousands of tokens on Ethereum, Arbitrum, and Polygon via decentralized exchange (DEX) aggregators. The app has already surpassed 10,000 downloads.
Growing Popularity of Robinhood’s Crypto Wallet
Johann Kerbrat, general manager of Robinhood Crypto, disclosed on the same day that the brokerage’s iOS crypto wallet has been downloaded “hundreds of thousands of times in 140+ countries” since its launch in March 2023. The iOS crypto wallet’s waitlist exceeded 1 million users at the time. Like all self-custody wallets, private keys are stored directly within the Robinhood Crypto Android and iOS apps, ensuring no access from developers, and enabling backups via Google Drive or iCloud.
Robinhood presently allows users to directly trade major cryptocurrencies and altcoins. In 2023, the firm initiated its Robinhood Connect initiative, enabling users to fund their crypto wallets directly through purchases within the Robinhood brokerage platform. Despite a 33% decrease in annual transaction revenue from customers’ crypto trading activities compared to 2022, the firm still reported a substantial $135 million in revenue last year. Moreover, Robinhood currently holds over $14 billion worth of clients’ cryptocurrencies, a significant increase from $8.4 billion in 2022.
Robinhood’s Expansion into Europe
On December 7, 2023, Cointelegraph reported that Robinhood launched crypto trading services in Europe. Eligible customers in the European Union region gained access to Robinhood for crypto trading services, with over 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app imposes zero trading fees, and customers also receive a percentage of their trading volume back every month in Bitcoin.
