Robinhood, the discount brokerage, has expanded its access to crypto wallets for Android users. The Robinhood Wallet app is now available on Google Play, allowing users to own and manage their blockchain assets in a self-custody wallet. The app supports various networks, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. Users can also swap thousands of tokens on Ethereum, Arbitrum, and Polygon via decentralized exchange aggregators. The app has already been downloaded over 10,000 times.
In addition, the iOS crypto wallet of Robinhood has been downloaded hundreds of thousands of times in more than 140 countries since its launch in March 2023, as revealed by Johann Kerbrat, the general manager of Robinhood Crypto. The waitlist for the iOS crypto wallet has surpassed 1 million users. Both the Android and iOS apps store private keys directly within them, ensuring self-custody. Developers have no access to the keys, and backups can be made using Google Drive or iCloud.
Currently, Robinhood allows users to trade major cryptocurrencies and altcoins directly. In 2023, the company introduced the Robinhood Connect initiative, enabling users to fund their crypto wallets directly through purchases made within the Robinhood brokerage platform. Last year, the firm generated $135 million in annual transaction revenue from customers’ crypto trading activities, a decrease of 33% compared to 2022. Moreover, Robinhood currently holds over $14 billion worth of clients’ cryptocurrencies, an increase from $8.4 billion in 2022.
On December 7, 2023, Robinhood launched its crypto trading services in Europe. Customers in the European Union can now access Robinhood for crypto trading, with more than 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app charges zero trading fees and offers customers a percentage of their trading volume back every month in Bitcoin.
As a related development, Robinhood plans to introduce US stock trading in the British market.