Robinhood Expands Crypto Wallet Services to Android

By extending its cryptocurrency wallet services to Android users, Robinhood has made a huge step toward the widespread acceptance of digital assets. This move simplifies transactions and increases access to customers worldwide.

Following a year of only providing its Wallet to iOS customers, Robinhood’s move to expand to Android signifies the company’s ongoing dedication to improving accessibility within the cryptocurrency space. This step highlights Robinhood’s commitment to include virtual currencies into millions of people’s daily transactions throughout the globe.

A Step Towards Democratization: Robinhood’s Perspective

General Manager of Robinhood Crypto Johann Kerbrat sees the Android release as a turning point in the company’s goal of making cryptocurrency use more accessible to everybody. Robinhood wants to enable people to interact with digital assets in an easy-to-use manner by expanding the availability of its wallet services.

The expansion is consistent with Robinhood’s most current performance metrics, which show a noteworthy 10% rise in cryptocurrency income to $43 million during the 2023 fourth quarter. Furthermore, the platform witnessed a noteworthy 89% increase in notional cryptocurrency trading volume in comparison to the preceding quarter. The observed rise is indicative of increased client engagement and supports Robinhood’s deliberate foray into the European Union market.

The Robinhood Wallet was released as a self-custodial alternative last year, and since then, hundreds of thousands of people have downloaded it all across the world. With its array of features, the wallet can transmit, receive, and store coins. It is compatible with popular networks like Ethereum, Bitcoin, Dogecoin, and others.

Furthermore, the wallet uses decentralized exchange aggregators like the 0x API and LI.FI to enable token exchanges on Ethereum, Polygon, and Arbitrum. Interestingly, typical blockchain transaction costs apply to these transactions; nevertheless, Robinhood does not charge a service fee.