Crypto analytics platform Arkham Intelligence has revealed financial services company and crypto trading platform Robinhood as a leading holder of Ether (ETH) and the owner of the fifth-largest ETH wallet, which contains about $2.54 billion of the cryptocurrency.
Arkham stated on X (formerly Twitter) that its recognition of Robinhood possessing the third-largest Bitcoin wallet garnered significant attention. However, it said less attention has been paid to its identification of Robinhood as the holder of the fifth-largest ETH wallet. In a separate update, Arkham emphasized that these funds are user balances under custody.
Our identification of Robinhood as the owner of the third-largest Bitcoin wallet was widely covered.
But most coverage missed that we’ve also identified them as the owner of the 5th largest ETH wallet, holding $2.54B of ETH.
— Arkham (@ArkhamIntel) August 30, 2023
According to Arkham Intelligence, a wallet associated with Robinhood holds various other cryptocurrencies, such as 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) ($277.8 million), 4.9 million of Chainlink’s LINK ($29.7 million) and 2.6 million Avalanche (AVAX) ($29.6 million). Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has declined, with second-quarter crypto revenue dropping to $31 million from the first quarter’s $38 million.
On Wednesday, Aug. 30, the company announced the expansion of its wallet product, incorporating “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin” alongside the existing feature of facilitating Ethereum swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.
Upon its initial launch in March, Robinhood Wallet introduced self-custody services, catering to the Polygon and Ethereum networks. It also included various tokens like Compound’s (COMP), Polygon (MATIC), SHIB, Solana (SOL), Uniswap (UNI), along with the USD Coin (USDC) stablecoin.
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