The well-known US-based trading and investing site Robinhood is one of the fifth-largest Ethereum (ETH) wallet addresses, holding the second-largest amount of cryptos in its portfolio behind Bitcoin (BTC). Arkham Intelligence, a crypto analytics company, has provided information on Robinhood’s status as a significant Ethereum holder.
The company’s wallet app recently included an Ethereum swap option as well as support for Bitcoin and Dogecoin.
Robinhood Has 1.493 Million ETH in its Cold Wallet
According to data from Arkham Intelligence, a Robhinhood cold wallet address currently owns 1,493,000 ETH, currently worth $2.54 billion.
With $2.73 billion and $3.40 billion worth of ETH, respectively, behind big crypto exchanges Kraken and Binance, Robinhood is now the fifth largest holder of the token, thanks to the ETH stored in the cold wallet.
The Ethereum 2.0 Beacon deposit contract is the single-largest holder with over 29 million ETH valued at $49.8 billion, followed by a wrapped Ether (wETH) ETH address at $5.36 billion.
The Robinhood wallet address contains other tokens in its portfolio, including SHIB, LINK, AVAX, BONE, AAVE, COMP, and UNI, among others, according to Arkham’s data, putting the total value of its holdings to almost $2.73 billion.
Users Can Now Swap Ethereum on Robinhood
The company recently provided wallet functionality for a few crypto assets. Additionally, it enabled ether swaps. Thanks to this service, users will be able to exchange ETH for over 200 different assets. The wallet allows users to pay for gas using whatever token they own, not just ETH, in a practical manner. On the Ethereum network, transactions cost a gas fee.
The exchange already rolled out the swap feature to “select users.” According to the exchange, all users will soon have access to this feature. The crypto wallet for Robinhood was introduced about six months ago. According to the business, the wallet is used by hundreds of thousands of customers in 140 countries. The most recent update sets the way for increasing network activity on Ethereum with higher exposure.
