Robinhood, the discount brokerage, has now made its crypto wallet accessible to Android users. This news was announced on March 20th and the Robinhood Wallet app can now be found on Google Play. The app’s description states that users can “own and manage all your blockchain assets in your very own self-custody wallet,” with support for various cryptocurrencies such as Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. The app also allows users to swap thousands of tokens on Ethereum, Arbitrum, and Polygon through 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, revealed that the brokerage’s iOS crypto wallet has been downloaded hundreds of thousands of times in more than 140 countries since its launch in March 2023. The iOS crypto wallet’s waitlist has already surpassed 1 million users. Similar to other 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 create backups of their wallets using Google Drive or iCloud.
Currently, Robinhood allows users to directly trade major cryptocurrencies and altcoins. In 2023, the company introduced the Robinhood Connect initiative, which enables users to fund their crypto wallets directly through purchases made within the Robinhood brokerage platform. Last year, the firm reported an annual transaction revenue of $135 million from customers’ crypto trading activities, a decrease of 33% compared to 2022. Additionally, Robinhood currently holds over $14 billion worth of clients’ cryptocurrencies, compared to $8.4 billion in 2022.
On December 7th, 2023, it was reported that Robinhood launched crypto trading services in Europe. Customers in the European Union region can now access Robinhood for crypto trading, with more than 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app charges no trading fees and offers customers a percentage of their trading volume back every month in Bitcoin.
Related: Robinhood plans to introduce US stock trading in the British market.