Android Users, Rejoice: Robinhood’s Crypto Wallet is Here!

Last Updated on March 21, 2024

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Robinhood crypto app. Source: FellowNeko -

Key Takeaways:

  • Robinhood has launched its crypto wallet for Android users on Google Play, supporting major networks like Ethereum, Bitcoin, and more, and has already surpassed 10,000 downloads.
  • The wallet ensures high security for its users by storing private keys within the app, offering backup options via Google Drive or iCloud.
  • Despite a drop in annual transaction revenue from crypto trading, Robinhood’s crypto holdings increased to over $14 billion, and the platform has recently expanded its crypto trading services to the European Union.

In a move that broadens its cryptocurrency services, Robinhood has now made its crypto wallet available to Android users, further enhancing access to digital assets for its clientele.

As of March 20, the Robinhood Wallet application has been launched on Google Play, signifying a significant step towards inclusive financial technology.

The application allows users to independently manage and own their blockchain assets, offering support for major networks including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. It also facilitates the swapping of thousands of tokens on Ethereum, Arbitrum, and Polygon through decentralized exchange (DEX) aggregators.

This development has led to the app achieving over 10,000 downloads shortly after its release.

Johann Kerbrat, the general manager of Robinhood Crypto, shared insights on the wallet’s adoption, noting the iOS version of the Robinhood Crypto wallet has been downloaded extensively across more than 140 countries since its introduction in March 2023. The initial interest in the iOS version was overwhelming, with a waitlist of over 1 million users.

The Android and iOS applications of Robinhood Crypto emphasize security, ensuring private keys are stored within the app itself and inaccessible to developers, with backup options available through Google Drive or iCloud.

Robinhood’s platform already facilitates the trading of prominent cryptocurrencies along with various altcoins. The introduction of Robinhood Connect in 2023 marked a pivotal moment, enabling users to effortlessly fund their crypto wallets via purchases made on the Robinhood brokerage platform.

Despite a 33% drop in annual transaction revenue from crypto trading activities, amounting to $135 million last year, Robinhood’s crypto holdings have seen a significant increase, from $8.4 billion in 2022 to over $14 billion.

Adding to its suite of services, Robinhood initiated crypto trading capabilities in Europe on December 7, 2023. This extension allows customers in the European Union to trade over 25 different cryptocurrencies without incurring trading fees.

Furthermore, users benefit from receiving a portion of their trading volume back in Bitcoin every month, underscoring Robinhood’s commitment to enhancing its crypto trading services globally.

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