Arkham Intelligence Identifies Robinhood as the 5th-largest Holder of ETH

A crypto analytics platform called Arkham Intelligence has recently uncovered Robinhood, a financial services company and crypto trading platform, as a major holder of Ether (ETH). In fact, Robinhood’s ETH wallet is the fifth-largest in the world, with approximately $2.54 billion worth of the cryptocurrency.

While Arkham previously gained attention for identifying Robinhood as the owner of the third-largest Bitcoin wallet, its discovery of the company’s substantial ETH holdings has received less coverage. It’s worth noting that these funds are user balances held in custody by Robinhood.

Robinhood’s Crypto Holdings

According to Arkham Intelligence, Robinhood’s wallet also contains various other cryptocurrencies. These include 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu (SHIB) tokens ($277.8 million), 4.9 million Chainlink’s LINK tokens ($29.7 million), and 2.6 million Avalanche (AVAX) tokens ($29.6 million).

Despite being well-known for its stock trading services, Robinhood’s crypto trading activity has experienced a decline. In the second quarter, the company’s crypto revenue dropped to $31 million from the first quarter’s $38 million.

Expansion of Robinhood’s Wallet

To meet the demands of its users for more comprehensive support, Robinhood recently announced the expansion of its wallet product. The wallet now offers “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin,” in addition to existing features that facilitate Ethereum swaps.

Upon its launch in March, Robinhood Wallet initially introduced self-custody services for the Polygon and Ethereum networks. It also included various tokens like Compound’s (COMP), Polygon (MATIC), SHIB, Solana (SOL), Uniswap (UNI), and the USD Coin (USDC) stablecoin.

Editor Notes: Uber Crypto News

It’s fascinating to see the increasing involvement of traditional financial services companies in the crypto space. Robinhood’s significant ETH holdings highlight the growing interest in digital assets and the potential for crypto to become a mainstream investment option. To stay up-to-date with the latest news and developments in the crypto world, make sure to visit Uber Crypto News.