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Robinhood launches crypto wallet for Android users

by SuperiorInvest

Discount brokerage Robinhood has expanded access to its crypto wallet to Android users.

According to March 20 advertisement, the Robinhood Wallet app is now available on Google Play. “Own and manage all your blockchain assets in your own self-custody wallet, with network support for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base,” the developers wrote in the app description. “You can also trade thousands of tokens on Ethereum, Arbitrum and Polygon through decentralized exchange (DEX) aggregators,” they added. Since then, the app has surpassed 10,000 downloads.

On the same day, Johann Kerbrat, CEO of Robinhood Crypto, revealed 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. At that time, the iOS crypto wallet waitlist exceeded one million users. Like all self-custody wallets, private keys are stored directly within the Robinhood Crypto apps for Android and iOS, without developer access, and can be backed up via Google Drive or iCloud.

Currently, Robinhood allows users to directly trade major cryptocurrencies and altcoins. In 2023, the company launched the Robinhood Connect initiative that allows users to directly fund their crypto wallets through purchases within the Robinhood brokerage platform. The company reported annual transaction revenue of $135 million last year thanks to clients' cryptocurrency trading activities, a decrease of 33% compared to 2022. Additionally, the company currently holds more than 14 billion dollars in customer cryptocurrencies, compared to $8.4 billion in 2022. .

On December 7, 2023, Cointelegraph reported that Robinhood launched crypto trading services in Europe. All eligible customers in the EU region can access Robinhood for cryptocurrency trading services, with over 25 cryptocurrencies available for trading. The new EU Robinhood Crypto app also does not charge trading fees and clients will also receive a percentage of their trading volume each month in Bitcoin.

Related: Robinhood to implement US stock trading in UK market

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