Key Insights
- Robinhood has launched its self-custodial crypto wallet app for Android users globally
- The wallet allows storing, sending, receiving and swapping cryptocurrencies
- It’s part of Robinhood’s push into web3 and effort to make crypto more accessible
SAN FRANCISCO (MarketsXplora) – Trading app Robinhood Markets Inc on Wednesday launched its crypto wallet for Android customers worldwide, expanding access to the blockchain-based digital asset storage service as it pushes deeper into the web3 realm.
The self-custodial crypto wallet, which allows users to store, send, receive and swap digital tokens across multiple networks, has already been downloaded hundreds of thousands of times in over 140 countries since its initial release last year on iOS devices.
“Launching Robinhood Wallet on Android is a big step forward in our commitment to make crypto more accessible and seamlessly integrated into daily life for millions of people around the world,” said Johann Kerbrat, general manager of Robinhood’s crypto unit.
The Android wallet app supports cryptocurrencies including Bitcoin, Ethereum, and dogecoin along with blockchain networks such as Polygon, Arbitrum, and Optimism. Users can fund their Robinhood wallet from the firm’s trading app balances or external crypto exchanges.
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Robinhood, which was at the heart of the historic meme stock frenzy in 2021, has pushed to expand its cryptocurrency offerings as part of a wider strategy to embrace web3 – a vison for a decentralized internet built on blockchain technologies.
While retail trading has slowed from its pandemic-era peaks, Robinhood reported a 24% rise in crypto revenue in 2022, outperforming other transaction-based divisions. It is counting on web3 features for continued growth.
Robinhood said it plans to keep adding new functionalities to its Android wallet, based on feedback from users, as it builds out its suite of blockchain-enabled products and services.
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The highly-anticipated wallet launch follows a tough year for Robinhood, which had to cut almost a quarter of its workforce amid a slump in revenues and user growth.