Robinhood is fifth-largest Ethereum holder By

Share This Post

Crypto.information – Blockchain analytics agency, Arkham Intelligence, has recognized Robinhood (NASDAQ:HOOD) because the fifth-largest holder of Ethereum (ETH), holding roughly $2.54 billion, amid a reported decline within the trade’s crypto buying and selling quantity.

As knowledge exhibits, Robinhood, primarily acknowledged for its equities buying and selling companies, isn’t just a big participant within the Bitcoin(BTC) enviornment, but additionally owns a large quantity of Ethereum (ETH).

In keeping with Arkham, Robinhood’s pockets ranks because the fifth largest on the planet, holding an estimated $2.54 billion in ETH. This revelation provides one other layer to the platform’s substantial crypto footprint. The agency was beforehand recognized because the third-largest holder of BTC, with roughly 122,076 BTC valued at $3.3 billion.

In an try to offer readability, Arkham additional indicated that the belongings in Robinhood’s crypto wallets are custodial in nature, which means they’re basically held on behalf of the customers. Past ETH and BTC, Robinhood’s pockets can be filled with a various vary of different cash.

For instance, they’re holding 34.1 trillion Shiba Inu(SHIB), that are presently price round $277.8 million. Moreover, the pockets comprises about 4.9 million Chainlink (LINK) tokens valued at almost $29.7 million and a pair of.6 million Avalanche (AVAX), that are price near $29.6 million.

That is simply as Robinhood is grappling with dwindling exercise in its crypto buying and selling. They not too long ago revealed that their income from crypto buying and selling fell from $38 million in Q1 2023 to $31 million in Q2 2023.

This contraction isn’t only a Robinhood difficulty; it displays a wider development within the broader crypto market. Given this backdrop, some might wonder if Robinhood’s enterprise into cryptocurrencies is as stable because it initially appeared.

Nonetheless, Robinhood seems to be proactive in responding to market demand. On Wednesday, Aug. 30, the corporate introduced an growth of its pockets companies to incorporate “custody, ship, and obtain assist” for BTC and Dogecoin(DOGE), together with ETH swaps. This characteristic rollout is designed to fulfill buyer calls for for extra performance and asset assist throughout the Robinhood platform.

Initially launched in March, Robinhood’s self-custody pockets offered assist for the ETH and Polygon(MATIC) networks and included a wide range of tokens akin to COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin. The corporate’s efforts to broaden its crypto companies replicate a strategic transfer to remain related within the digital asset panorama, whilst its crypto buying and selling quantity faces challenges.

This text was initially printed on Crypto.information

Get The Information You Need

Learn market shifting information with a personalised feed of shares you care about.

Get The App

Related Posts