Arkham Intelligence, a crypto analytics platform, has unveiled Robinhood, a financial services firm and crypto trading platform, as a significant holder of Ether (ETH) and the proprietor of the fifth-largest ETH wallet.
This wallet boasts a substantial sum of approximately $2.54 billion in cryptocurrency.
The announcement made on Arkham’s X (formerly Twitter) account highlighted that while the recognition of Robinhood’s possession of the third-largest Bitcoin wallet had garnered notable attention, its identification as the owner of the fifth-largest ETH wallet had received comparatively less recognition.
It is important to note that these funds are designated as user balances under Robinhood’s custody.
As per the data from BitInfoCharts, the most substantial Bitcoin wallets globally belong to Binance and Bitfinex, indicating their significant holdings in the crypto sphere.
Arkham Intelligence’s findings further disclosed that Robinhood’s associated wallet also contains various other cryptocurrencies, including 122,076 BTC (equivalent to $3.3 billion), a staggering 34.1 trillion Shiba Inu tokens (approximated at $277.8 million), 4.9 million Chainlink tokens (approximately $29.7 million), and 2.6 million Avalanche tokens (about $29.6 million).
Despite Robinhood’s prominence in traditional stock trading, its involvement in cryptocurrency trading has experienced a decline.
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In the second quarter, its crypto revenue dwindled to $31 million from the preceding quarter’s $38 million.
Recently, on August 30th, Robinhood disclosed the expansion of its wallet product offerings.
This extension incorporates features such as custodial services, as well as sending and receiving capabilities for Bitcoin and Dogecoin.
This augmentation is a direct response to the growing demand from users for enhanced support, as explicitly stated by the company.
During its initial launch in March, Robinhood Wallet rolled out self-custody services, catering to the Polygon and Ethereum networks.
The wallet also provided a selection of various tokens, including Compound, Polygon, SHIB, Solana, Uniswap, and the USD Coin stablecoin.
In conclusion, Arkham Intelligence’s revelations about Robinhood’s considerable holdings of Ethereum and other cryptocurrencies, coupled with the expansion of Robinhood’s wallet functionalities, signify the company’s continuous efforts to address user needs and diversify its offerings in the dynamic crypto landscape.
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