Robinhood expands crypto services with Android wallet launch
Robinhood has broadened its cryptocurrency wallet services to Android users, increasing global adoption of digital assets and facilitating easier transactions.
The launch comes a year after Robinhood’s Wallet was made available to iOS users, marking a consistent stride towards enhancing accessibility and integrating cryptocurrencies into everyday transactions for millions worldwide.
The transition from beta to general release allows individuals on the public waitlist to access the Robinhood Wallet on Android devices. Robinhood Crypto General Manager Johann Kerbrat described the Android launch as a big step in the company’s ongoing efforts to democratize cryptocurrency usage.
The expansion aligns with Robinhood’s recent performance metrics, which revealed a 10% increase in crypto revenue to $43 million in the fourth quarter of 2023 and an 89% surge in notional crypto trading volume compared to the previous quarter. The platform’s growth has been attributed to heightened customer activity and follows the company’s strategic extension of its crypto trading app to the European Union market.
The Robinhood Wallet, a self-custodial solution introduced last year, has seen increased adoption, with downloads reaching hundreds of thousands globally. It supports various functionalities, including sending, receiving, and storing cryptocurrencies on major networks such as Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base.
The wallet facilitates token swaps on Ethereum, Polygon, and Arbitrum through decentralized exchange aggregators such as the 0x API and LI.FI, without imposing service fees on these transactions, though standard blockchain transaction fees are applicable.
