A Digital Wallet Associated with Robinhood Controls 1.72 Million ETH, Worth $2.93 Billion
– Robinhood, the US-based trading and investing platform, is the fifth largest holder of Ethereum (ETH).
– The platform controls 1.72 million ETH, valued at $2.93 billion.
– It is unclear whether Robinhood directly owns these coins or custody them on behalf of clients.
– However, on-chain data confirms that Robinhood holds billions worth of coins, including Bitcoin and Shiba Inu (SHIB).
– Robinhood has over $6.6 billion of crypto assets, with BTC and ETH comprising over half of the portfolio.
Robinhood Holds a Variety of Digital Assets but is Light on USDT
– Robinhood holds over 30 digital assets, including stablecoins.
– Notably, the platform has a preference for USDC over USDT, controlling $5.1 million of USDC and only $1,720 of USDT.
– There is no apparent reason for this skew in stablecoin preference.
– USDT is the world’s most liquid stablecoin and the third-largest digital asset.
– Robinhood’s crypto portfolio also includes other coins like SHIB, Chainlink (LINK), and Avalanche (AVAX).
Rival Exchanges Like Kraken and Binance Hold More ETH Than Robinhood
– Among centralized exchanges, Binance is the largest holder of ETH, with a significant portion belonging to clients.
– Binance controls multiple cold wallets, known for their enhanced security.
– Kraken is another platform that holds more ETH than Robinhood.
– However, the largest wallet controlling ETH is the official deposit contract on the Beacon Chain, holding 6% of all coins in circulation.
– Validators on the Ethereum blockchain have locked over 29.1 million ETH worth over $49 billion.
Hot Take
Robinhood’s significant holdings of Ethereum and other cryptocurrencies demonstrate the platform’s growing presence in the crypto market. However, the lack of clarity regarding whether the coins are owned directly by Robinhood or held on behalf of clients raises questions about the platform’s transparency. Additionally, the preference for USDC over USDT in stablecoin holdings is puzzling and warrants further investigation. Overall, Robinhood’s crypto portfolio showcases the platform’s commitment to expanding its offerings and catering to the growing demand for digital assets.
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