US-based investing and trading platform giant Robinhood has been identified as the owner of the fifth largest Ethereum (ETH) wallet address, accounting for the second-largest crypto holding in its portfolio after Bitcoin (BTC).
The company’s wallet app recently added support for Bitcoin and Dogecoin while including an Ethereum swap feature.
Robinhood Has 1.493 Million ETH in its Cold Wallet
Data by Arkham Intelligence shows that a Robhinhood cold wallet address holds 1,493,000 ETH worth $2.54 billion based on Ethereum’s current price.
The ETH stash in the cold wallet makes Robinhood the fifth largest holder of the token behind major crypto exchanges Kraken and Binance, with $2.73 billion and $3.40 billion worth of ETH, respectively.
A wrapped Ether (wETH) ETH address comes second at $5.36 billion, while the Ethereum 2.0 Beacon deposit contract is the single largest holder at over 29 million ETH valued at $49.8 billion.
Arkham’s data also shows that the Robinhood wallet address has other tokens in its portfolio, such as SHIB, LINK, AVAX, BONE, AAVE, COMP, and UNI, among others, bringing the value of its total holdings to over $2.73 billion.
Robinhood was previously identified as the owner of the third largest Bitcoin wallet address, valued at more than $3 billion, just behind Binance and Bitfinex. There were initial speculations that the BTC wallet belonged to either Gemini or asset manager behemoth BlackRock.
BTC, DOGE, and ETH Swap Added to Robinhood Wallet
Robinhood users can now custody, transfer, and receive Bitcoin and Dogecoin via the Robinhood wallet app, according to an announcement on Wednesday (Aug. 30). The company said it added support for BTC and DOGE based on client demand for access to more tokens.
In addition, the Robinhood wallet app will also enable in-app swaps on the Ethereum network for over 200 tokens. According to the firm, this feature is currently available to select users but will be open to everyone in the “coming weeks.”
Following its launch in March 2023, Robinhood wallet has seen widespread global usage, with users in 140 countries. The wallet initially supported Ethereum and Polygon and later added Arbitrum and Optimism.
Robinhood said it is working towards including cheap, fast, layer-2 chains based on demand. While the wallet app is still available to iOS users, the announcement said Android support will come later in the year.
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