Robinhood, the popular discount brokerage, has significantly widened its foothold in the cryptocurrency market by rolling out its crypto wallet app for Android users. This expansion, announced on March 20, follows the successful launch of the wallet for iOS users, marking a pivotal step in Robinhood’s efforts to cater to a broader audience of crypto enthusiasts.
The Robinhood Wallet app, now accessible on Google Play, allows users to independently manage a diverse array of blockchain assets, including major cryptocurrencies like Ethereum, Bitcoin, Dogecoin, and several layer-2 networks such as Arbitrum, Polygon, Optimism, and Base. Highlighting its functionality, the app description promises users the ability to swap thousands of tokens across Ethereum, Arbitrum, and Polygon networks via decentralized exchange (DEX) aggregators. Since its release, the app has quickly surpassed 10,000 downloads, signaling strong interest from the Android user base.
Johann Kerbrat, general manager of Robinhood Crypto, shared that the brokerage’s iOS crypto wallet has seen a robust adoption rate, with hundreds of thousands of downloads across over 140 countries since its debut in March 2023. At its launch, the iOS version’s waitlist had already exceeded 1 million eager users, underscoring the high demand for Robinhood’s crypto services.
A distinguishing feature of Robinhood’s crypto wallets is the self-custody aspect, wherein users’ private keys are securely stored within the app itself, ensuring that developers have no access. Users also have the option to back up their wallets via Google Drive or iCloud for added security.
Beyond the wallet services, Robinhood has been facilitating direct cryptocurrency trading, including major and alternative coins, through its platform. In 2023, the firm introduced Robinhood Connect, enabling users to fund their crypto wallets directly from the Robinhood brokerage platform. Despite a 33% decrease in transaction revenue from crypto trading activities last year, totaling $135 million, Robinhood holds over $14 billion in clients’ cryptocurrencies, showing a substantial increase from the previous year.
Additionally, Robinhood’s recent venture into the European market, on December 7, 2023, allows EU customers to engage in crypto trading with over 25 cryptocurrencies, zero trading fees, and a unique incentive of receiving a portion of their trading volume back in Bitcoin every month. This expansion signifies Robinhood’s commitment to providing accessible and comprehensive crypto trading and management solutions globally.
