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Post: Robinhood’s $14.7 Billion Crypto Custody and Self-Custody Wallet App Expansion

Robinhood’s $14.7 Billion Crypto Custody and Self-Custody Wallet App Expansion

Key Points:

  • The brokerage firm has $14.7 billion in crypto under custody.
  • Robinhood expanded its crypto wallet access to Android users, offering a self-custody wallet supporting various cryptocurrencies.
  • The Robinhood Wallet app is now available on Google Play, with over 10,000 downloads since its launch.
  • The iOS crypto wallet from Robinhood has been downloaded hundreds of thousands of times in 140+ countries, with a waitlist of over 1 million users.
  • Private keys for the self-custody wallets in both Android and iOS apps are stored directly by users, with backup options through Google Drive or iCloud.

Brokerage Firm’s Crypto Custody:

The brokerage firm currently holds $14.7 billion in cryptocurrency assets under custody, indicating a significant presence in the crypto market.

Expansion of Robinhood’s Crypto Wallet Service:

Robinhood has broadened its crypto wallet services by extending access to Android users, empowering them to self-custody various cryptocurrencies like Ethereum, Bitcoin, Dogecoin, and others.

Popularity of Robinhood’s Wallet Apps:

The Robinhood Wallet app on Google Play has quickly gained traction with over 10,000 downloads, while the iOS version has seen hundreds of thousands of downloads globally, showcasing substantial international demand for self-custody solutions.

Security and Backup Features:

Users maintain control over their private keys within the Robinhood Crypto Android and iOS apps, with no access granted to developers. Additionally, the option to back up keys through Google Drive or iCloud provides added peace of mind.

Hot Take:

Robinhood’s foray into self-custody wallets signifies a growing trend towards decentralized finance and user control in the crypto space. The rapid adoption and international interest highlight the increasing demand for secure and accessible crypto storage solutions.

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