Robinhood Opens Crypto Wallet Service to 2 Million More Users

Even with cryptocurrency transaction-based revenue on a steady decline, Robinhood continues to expand its digital asset services

article-image

Source: Shutterstock

share

key takeaways

  • Bitcoin is the top recurring buy on the trading platform so far in 2022
  • The wallet will not allow for the integration of Ethereum-based services or support NFTs

Stock trading platform Robinhood has opened its crypto wallet up for two million more “eligible” users, Chief Product Officer Aparna Chennapragada said during an announcement at the Bitcoin 2022 event in Miami. 

The wallet, first revealed in September and beta tested for 1,000 users in January, will allow users to move cryptocurrencies in and out of Robinhood’s ecosystem. Previously, traders could only buy and sell cryptoassets within the app, and transfers off the platform were restricted.

The wallet allows Robinhood traders to gain access to the broader blockchain ecosystem but will not allow for the integration of Ethereum-based services or support NFTs (non-fungible tokens). 

“A​​ny NFTs sent to a Robinhood Ethereum address may be lost and unrecoverable,” the trading platform’s website said. 

The expanded wallet services come as Robinhood customers continue to show interest in cryptocurrencies. Nearly 10 million Robinhood users traded cryptocurrencies in 2021, and bitcoin is the top recurring buy asset on the trading platform so far in 2022, Chennapragada said during the announcement.

More recent figures however show a drop off from Robhinhood’s early success with cryptocurrency trading. In the fourth quarter of 2021, the app brought in about $48 million in transaction-based revenue associated with digital assets, a decrease from the $51 million and $233 million brought in during the third and second quarters, respectively.

Robinhood executives said in January that the beta testing phase would be used to perfect the wallet, specifically in terms of finalizing the send and receive flows, adding QR functionality, improving the transaction history interface and adding block explorer support.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Ethena Labs is leaping from its flagship synthetic dollar, USDe, to a full product suite—USDtb, iUSDe, and the Arbitrum-based Converge Chain—designed to marry crypto-native yields with TradFi-grade compliance. Our analysis shows how expanding into CME, ETF options, and tokenized Treasuries could lift protocol revenue from sub-$500 million in a bear case to several billion dollars if favorable regulation and institutional adoption align.

article-image

The L1’s Interwoven Stack is the most opinionated tech stack yet

article-image

Bitcoin is still rising, 11 years after the documentary film The Rise and Rise of Bitcoin

article-image

Arch Labs CEO told Blockworks that the team plans to launch a native token, but declined to give details

article-image

CEO Mike Silagadze tells Blockworks that the US is “open for business” and why its DeFi bank offering is the first of many

article-image

Doing one thing well and leaving everything else out is often what disruptive technologies do best