Robinhood Owns 5th Largest Ethereum Wallet In The World, According To Arkham

Arkham Invest recently discovered that Robinhood allegedly has the fifth largest Ethereum wallet globally.

This news comes shortly after Arkham pinpointed Robinhood as the owner of the world’s third largest Bitcoin wallet.

Robinhood’s Ethereum Holdings Revealed

Arkham Invest released findings that Robinhood holds approximately 1.493 million Ethereum, worth roughly $2.54 billion. Additionally, in the recent post on X (formerly Twitter), the investment firm declared this is the fifth largest holdings of Ethereum in the world.

Robinhood Wallet Screenshot. Source: Ark Invest X post

This particular wallet contains a range of other cryptocurrencies, such as Shibha ($163 million), Chainlink ($14.23 million), and Avalanche ($10.4 million), all held by Robinhood.

Upon the disclosure of the findings, a user raised the question of the funds’ actual owner.

“Is this their funds or user,” the user asked.

Arkham alludes to the SEC’s increasingly rigorous cryptocurrency regulations in recent times.

“Funds they hold in custody for user balances. SEC requires that crypto balances on RH are backed 1:1.”

To learn more about the differences between Robinhood and Coinbase, read BeInCrypto’s guide: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?

This comes after Robinhood’s recent news introducing a new feature, Ethereum swaps. Users can now easily exchange Ethereum-based tokens without having to actually hold ETH. The network fees for these swaps are taken from the users’ existing tokens.

Recent Bitcoin Discovery

Only a day ago, Arkham revealed that Robinhood holds the position as the third largest holder of Bitcoin. A wallet screenshot disclosed by Arkham displayed 122,567 Bitcoin, equating to around $3.43 billion.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

At the time of publication, with Bitcoin’s price currently $27,250, this amount is worth $3.34 billion.

The post Robinhood Owns 5th Largest Ethereum Wallet In The World, According To Arkham appeared first on BeInCrypto.

Source link