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Robinhood’s Wallet Adds Support for Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) Swaps

Robinhood is a digital trading platform that introduced and popularized the concept of commission free trading. It has been six months since the digital trading forum introduced its crypto custodial services.

In this manner, the organization introduced the ability for its consumers to send, receive, and store Bitcoin, Ethereum, and Dogecoin swaps. The function has arrived at a time when the account holders have demanded added features for crypto trading.

Robinhood application users on iOS devices were able to access their wallet feature starting March. It is a self-custodial wallet with Polygon and Ethereum tokens support. At the same time, this wallet was able to offer services for tokens such as MATIC, SOL, UNI, USDC, SHIB, and COMP.

At the time, this wallet service is not available for android devices. However, as per the statement issued by Robinhood official, the feature is likely to go live by the end of the year.

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Robinhood has continued to expand the supported tokens range for its wallet feature. Recently, the wallet account added support for Optimism and Arbitrum networks. However, despite adding support for new tokens, the platform has issued a pessimistic earnings report.

In its latest earning report, Robinhood has talked about a decline of crypto revenues from $38 million to $31 million between the last and the current quarter.

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The platform has added Ethereum swap as the latest feature for swap options on the wallet. At present, this new feature is not available for all consumers as per the company notification. The internal Ethereum swap features have been activated for limited consumers.

However, Robinhood intends to make the feature available to everyone in the upcoming weeks. The company has maintained swap feature is available on the wallet without Ethereum with automatic fee deductions.

Robinhood Comes Forward as a Major Bitcoin Whale

Recent analytics issued by Arkham Intelligence have introduced Robinhood as the third largest Bitcoin wallet. The report suggests that Robinhood is currently in possession of around $3.1 billion Bitcoin in commercial reserves. 

With the new statistics, Robinhood has been ranked as the third largest Bitcoin holder followed by Binance and Bitfinix exchanges.

According to data projections by Bitinfocharts, Binance currently has around $6.5 billion in BTC. On the other hand, Bitfinex exchange owns around $4.6 billion in the form of Bitcoin. Analyst Dan Dolev from Mizuho Financial Group has rated Robinhood share for buying with a target at $15.

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Meanwhile, other reports have revealed that Robinhood has parted ways with its earliest AMM giant namely Jump Trading. Robinhood has not issued any statement on the matter. However, the firm made no mention of Tai Mo Shan, which is the affiliate of Jump Trading, in its latest financial report.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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