Crypto analytics platform Arkham Intelligence has revealed that financial services firm and crypto trading platform Robinhood is a major holder of ethereum (ETH) and the owner of the fifth-largest ETH wallet, which contains around $2.54 billion worth of the cryptocurrency.
Arkham pointed out On X (formerly Twitter), its acknowledgment that Robinhood has the third-largest Bitcoin wallet has attracted a lot of attention. However, the company said little attention has been paid to its status as the fifth-largest ETH wallet holder on Robinhood.in separate renewArkham emphasized, these funds are escrowed user balances.
The world’s largest Bitcoin (BTC) wallet, according to BitInfoCharts is reportedly owned by Binance and Bitfinex.
Our identification of Robinhood as the owner of the third largest Bitcoin wallet has been widely reported.
But what most reports miss, we also found that they are the owners of the 5th largest ETH wallet, holding $2.54B of ETH.
0x40B38765696e3d5d8d9d834D8AaD4bB6e418E489 pic.twitter.com/Sczj11uLlA
— Arkham (@ArkhamIntel) August 30, 2023
According to Arkham Intelligence, wallets associated with Robinhood hold various other cryptocurrencies such as 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) ($277.8 million), 4.9 million Chainlink LINK ($29.7 million) and 2.6 million Avalanche (AVAX) ($29.6 million). Despite its dominance in the stock trading space, Robinhood saw a decline in cryptocurrency trading activity, with cryptocurrency revenue falling to $31 million in the second quarter from $38 million in the first quarter.
On Wednesday, August 30, the company Announce Expanding its wallet offering to combine “custodial, sending and receiving functionality for bitcoin and dogecoin” with existing functionality to facilitate ethereum exchanges. As the company puts it, this enhancement is a direct response to user demand for broader support.
related: Robinhood Amasses $3 Billion in Bitcoin in 3 Months – What Does It Mean for the Market?
After its initial launch in March, Robinhood Wallet launched a self-custody service to meet the needs of the Polygon and Ethereum networks. It also includes various tokens such as Compound (COMP), Polygon (MATIC), SHIB, Solana (SOL), Uniswap (UNI), and USD Coin (USDC) stablecoins.
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