Robinhood launches crypto wallet for Android users

The brokerage firm currently has $14.7 billion in crypto under custody.

Discount brokerage Robinhood has expanded its crypto wallet access to Android users.

According to the March 20 announcement, the Robinhood Wallet app is now available on Google Play. 鈥淥wn and manage all your blockchain assets in your very own self-custody wallet, featuring network support for Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base,鈥?reads the app鈥檚 description. 鈥淵ou can also swap thousands of tokens on Ethereum, Arbitrum, and Polygon via decentralized exchange (DEX) aggregators,鈥?it adds. The app has since surpassed 10,000 downloads.聽

The same day, Johann Kerbrat, general manager of Robinhood Crypto, revealed that the brokerage鈥檚 iOS crypto wallet has been 鈥渄ownloaded hundreds of thousands of times in 140+ countries” since its launch in March 2023. At the time, the iOS crypto wallet鈥檚 waitlist surpassed 1 million users. Like all self-custody wallets, private keys are stored directly within the Robinhood Crypto Android and iOS apps, with no access from developers and backups possible via Google Drive or iCloud.聽

Since our iOS launch in early 2023, the Robinhood Wallet has rapidly gained popularity among users, being downloaded hundreds of thousands of times in 140+ countries.

Launching on Android is another step forward in our mission to democratize finance for all.

鈥?Johann Kerbrat (@JohannKerbrat) March 20, 2024

Currently, Robinhood allows users to trade major cryptocurrencies and altcoins directly. In 2023, the firm launched its Robinhood Connect initiative, which allows users to directly fund their crypto wallets through purchases within the Robinhood brokerage platform. The firm reported an annual transaction revenue of $135 million last year from customers鈥?crypto trading activities, a 33% decrease compared to 2022. In addition, the firm currently holds more than $14 billion worth of clients鈥?cryptocurrencies, compared to $8.4 billion in 2022.

On Dec. 7, 2023, Cointelegraph reported that Robinhood launched crypto trading services in Europe. All eligible customers in the European Union region can access Robinhood for crypto trading services, with over 25 cryptocurrencies available for trade. The new EU Robinhood Crypto app also charges zero trading fees, and customers will also receive a percentage of their trading volume back every month in Bitcoin.聽

Related:聽Robinhood to roll out US stock trading in British market