Robinhood expands cryptocurrency wallet to Android users
Robinhood has launched its cryptocurrency wallet for Android users, following a year after the wallet was made available to iOS users globally.
The Android version was previously in beta with a public waitlist for registration. With the release, all individuals on the waitlist can now access the wallet.
Johann Kerbrat, general manager of Robinhood Crypto, stated that the Android launch represents progress in Robinhood’s efforts to integrate cryptocurrency into the lives of people worldwide.
Robinhood reported in its fourth quarter 2023 results that its cryptocurrency business had grown, with crypto revenue increasing by 10% year-over-year to $43 million in Q4. The company also noted an 89% rise in crypto trading volume for the same quarter, driven by heightened customer activity. Additionally, Robinhood expanded its crypto trading app to the European Union.
The wallet, which is self-custodial, has been downloaded globally “hundreds of thousands of times” since its launch. It supports sending, receiving, and storing functions for cryptocurrencies on several networks, including Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base. It also enables token swaps on Ethereum, Polygon, and Arbitrum through decentralized exchange aggregators 0x API and LI.FI, without service fees, though blockchain transaction fees apply.
Robinhood stated that the Android rollout is the beginning of further developments for the wallet, with plans to introduce new features based on customer feedback. Upcoming enhancements include access to cross-chain swaps and on-ramps to facilitate entry into web3, in collaboration with partners like Arbitrum, LI.FI, and 0x.
Earlier last month, the self-custodial crypto wallet MetaMask integrated with Robinhood to allow users to buy cryptocurrencies directly through the popular trading platform’s system. MetaMask’s developer, ConsenSys described this partnership as a major step towards bridging traditional finance with the blockchain-based economy.
Developed by ConsenSys, MetaMask claims to have nearly 30 million monthly active users. With this integration, MetaMask users are able to purchase digital assets using Robinhood’s order flow. Simultaneously, Robinhood account holders can transfer their crypto assets to their MetaMask wallet. This collaboration leverages Robinhood Connect, the trading platform’s fiat-to-crypto on-ramp, now included as a service provider in MetaMask’s “Buy Crypto” feature.
