Friday, 19 July 2024

Crypto News

Arkham IDs Robinhood as 5th largest ETH holder

Arkham IDs Robinhood as 5th largest ETH holder

Arkham Intelligence, a platform for monitoring cryptocurrency data, has revealed that apart from owning one of the biggest Bitcoin 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 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 wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin cold wallets.

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 and Dogecoin,” alongside the existing feature of facilitating Ethereum swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.

Related: Robinhood accumulates $3B of Bitcoin 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 networks. It also encompassed various tokens like COMP, MATIC, SHIB, SOL, UNI, along with the USDC stablecoin.

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