Robinhood Launches Cryptocurrency Wallet for Android Users Worldwide

Brokerage giant Robinhood has expanded its cryptocurrency wallet availability, announcing its launch for Android users globally. Following its initial introduction for all iOS devices in March last year, the wallet's Android release comes after a waitlist of over a million users expressed interest in the product.

Robinhood's Self-Custodial Wallet: Empowering Users with Control Over Cryptocurrencies and NFTs

Robinhood's self-custodial wallet offers support for Bitcoin and a variety of altcoins, including Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), and Polygon (MATIC). Notably, it also enables the safe storage of non-fungible tokens (NFTs) alongside regulated cryptocurrencies.

The self-custodial nature of the cryptocurrency wallet empowers users with full control over their digital assets. Users have the flexibility to either create a new wallet or import coins from an existing one. Creating a new wallet entails setting up a custom PIN and generating a seed recovery phrase for added security.

Robinhood Expands Crypto Offerings with MetaMask Partnership Amid Earnings Growth

In February, Robinhood announced a partnership with MetaMask, a popular self-custodial wallet. This collaboration facilitated MetaMask users' access to a fiat on-ramp, enhancing the wallet's functionality and accessibility.

Robinhood experienced significant earnings growth during the previous cryptocurrency bull run, primarily driven by the success of Dogecoin. Despite the fleeting nature of this success, the company reported higher-than-expected crypto revenues in February, leading to a 15% rally in its shares.

Bernstein Foresees Upward Momentum for Robinhood Amid Cryptocurrency Bull Market

Bernstein, a prominent investment firm, anticipates potential benefits for Robinhood amidst the ongoing cryptocurrency bull market. Setting a price target of $30, Bernstein suggests optimism surrounding Robinhood's market prospects.

Robinhood's shares have demonstrated impressive growth, up 35% year-to-date and currently trading at $17 per share.

The expansion of Robinhood's cryptocurrency wallet to Android users worldwide signifies a strategic move to capitalize on the growing demand for cryptocurrency accessibility and ownership.