Robinhood Identified as One of the Largest Holders of Ether
Crypto data tracking platform Arkham Intelligence has revealed that Robinhood, the popular stock trading platform, is also one of the largest holders of ether. In addition to owning the third-largest Bitcoin wallet, Robinhood holds the fifth-largest ETH wallet, containing $2.54 billion worth of ETH. These funds are held in custody for user balances. Alongside ether, Robinhood’s linked wallet also holds significant amounts of other cryptocurrencies, including BTC, Shiba Inu, LINK, and AVAX.
Key Points:
– Robinhood is the owner of the fifth-largest ETH wallet, holding $2.54 billion worth of ETH.
– The funds in the wallet are held in custody for user balances.
– Robinhood’s wallet also holds significant amounts of BTC, Shiba Inu, LINK, and AVAX.
– Robinhood’s second-quarter crypto revenue decreased to $31 million compared to the first quarter’s $38 million.
– Robinhood’s wallet product is adding custody, send, and receive support for Bitcoin, Dogecoin, and Ethereum swaps.
Robinhood’s Shrinking Crypto Volume
Robinhood’s crypto trading activity has experienced a decline, with the company’s second-quarter crypto revenue dropping to $31 million from $38 million in the previous quarter. To meet user demand, Robinhood has expanded its wallet product to include custody, send, and receive support for Bitcoin, Dogecoin, and Ethereum swaps.
Hot Take:
Despite its shrinking crypto volume, Robinhood’s identification as one of the largest holders of ether highlights its significant presence in the crypto market. With its expanding wallet product and support for various cryptocurrencies, Robinhood aims to cater to the needs of its crypto-savvy users. However, it remains to be seen how the company will regain its momentum in the highly competitive crypto trading industry.
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