Robinhood Holds the Fifth Largest Wallet with $2.54 Billion Worth of Crypto Assets - COINTURK NEWS
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Robinhood Holds the Fifth Largest Wallet with $2.54 Billion Worth of Crypto Assets

5:24 pm (34 days ago)
August 31, 2023

Crypto wallet tracking and data analytics platform, Arkham Intelligence, has identified financial services company and crypto trading platform Robinhood as one of Ethereum’s leading whales, revealing that it owns the fifth largest ETH wallet with approximately $2.54 billion worth of crypto assets.

Robinhood’s Assets Draw Attention

Arkham noted that Robinhood’s acknowledgment of owning the third largest Bitcoin wallet on X has garnered significant interest. However, it stated that identifying Robinhood as the owner of the fifth largest ETH wallet did not attract as much attention. In a separate update, Arkham emphasized that these funds are under the supervision of user balances and that the crypto assets do not belong to Robinhood. According to another crypto data analytics platform, BitInfoCharts, the world’s largest Bitcoin wallets belong to Binance and Bitfinex.

According to Arkham Intelligence, a wallet associated with Robinhood holds various other cryptocurrencies, including 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu ($277.8 million), 4.9 million Chainlink ($29.7 million), and 2.6 million Avalanche ($29.6 million). Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has decreased, with second-quarter crypto revenue dropping from $38 million in the first quarter to $31 million.

Robinhood Announces New Service

On Wednesday, August 30th, the company announced an expansion of its wallet product, which facilitates Ethereum trading and includes storage, sending, and receiving crypto assets for Bitcoin and Dogecoin. This development is a direct response to user demands for broader support, as stated by the company.

Following its initial launch in March, Robinhood Wallet introduced storage services for Polygon and Ethereum networks. In addition to these crypto assets, it also includes various tokens such as USD Coin stablecoin, Polygon, SHIB, Solana, and Uniswap.

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