Robinhood, the discount brokerage, has expanded its crypto wallet access to Android users, as announced on March 20. The Robinhood Wallet app is now available for download on Google Play. The app description states that users can own and manage their blockchain assets in their own self-custody wallet, with support for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. The app also allows users to swap thousands of tokens on Ethereum, Arbitrum, and Polygon via decentralized exchange (DEX) aggregators. Since its release, the app has been downloaded over 10,000 times.
On the same day, Johann Kerbrat, the general manager of Robinhood Crypto, announced that the brokerage’s iOS crypto wallet has been downloaded hundreds of thousands of times in over 140 countries since its launch in March 2023. The iOS wallet’s waitlist has exceeded 1 million users. Like all self-custody wallets, the private keys are stored directly within the Robinhood Crypto Android and iOS apps, with no access from developers. Users can also back up their wallets through Google Drive or iCloud.
Currently, Robinhood allows users to directly trade major cryptocurrencies and altcoins. In 2023, the company launched the Robinhood Connect initiative, which enables users to fund their crypto wallets directly through purchases on the Robinhood brokerage platform. Last year, the company reported an annual transaction revenue of $135 million from customers’ crypto trading activities, a 33% decrease compared to 2022. Moreover, Robinhood currently holds over $14 billion worth of clients’ cryptocurrencies, compared to $8.4 billion in 2022.
On December 7, 2023, Cointelegraph reported that Robinhood introduced crypto trading services in Europe. Eligible customers in the European Union can access Robinhood for crypto trading, with over 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app charges zero trading fees, and customers also receive a percentage of their trading volume back every month in Bitcoin.
Related: Robinhood plans to launch US stock trading in the British market.