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Arkham Intelligence, a platform for monitoring cryptocurrency data, has revealed that apart from owning one of the biggest Bitcoin (
$60,657.00 ) wallets, Robinhood is also a leading holder of ether, and is the owner of the fifth-largest ETH wallet, which contains about $2.54 billon worth of ETH.
Arkham Intelligence stated on social media that their recognition of Robinhood possessing the third-largest Bitcoin ( $60,657.00 ) wallet garnered significant attention. However, they said, less attention has been paid to their identification of Robinhood as the holder of the fifth-largest ETH wallet. In a separate update, Arkham emphasized that these funds are under custody for user balances.
The current largest Bitcoin ( $60,657.00 ) wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin ( $60,657.00 ) cold wallets.
Our identification of Robinhood as the owner of the third-largest Bitcoin ( $60,657.00 ) wallet was widely covered.
But most coverage missed that we’ve also identified them as the owner 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, a wallet associated with Robinhood holds various other cryptocurrencies, such as 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) ($277.8 million), 4.9 million LINK ($29.7 million) and 2.6 million AVAX ($29.6 million). Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has seen a decline, with second-quarter crypto revenue dropping to $31 million from the initial quarter’s $38 million.
On Wednesday, Aug. 30, the company announced the expansion of its wallet product, incorporating “custodial, sending, and receiving capabilities for Bitcoin ( $60,657.00 ) and Dogecoin (
$0.081 ) ,” alongside the existing feature of facilitating Ethereum (
$1,557.77 ) swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.
Related: Robinhood accumulates $3B of Bitcoin ( $60,657.00 ) in 3 months — What does this mean for markets?
Upon its initial launch in March, the Robinhood Wallet introduced self-custody services, catering to the Polygon and Ethereum ( $1,557.77 ) networks. It also encompassed various tokens like COMP, MATIC, SHIB, SOL, UNI, along with the USDC stablecoin.
Magazine: Did the NSA create Bitcoin ( $60,657.00 ) ?
