<![CDATA[<figure class="image"><img src="https://cimg.co/news/123873/327256/adobestock-rafael-henrique-1-1.jpg" srcset="https://cimg.co/news/123873/327256/responsive-images/adobestock-rafael-henrique-1-1___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/123873/327256/responsive-images/adobestock-rafael-henrique-1-1___media_library_original_900_600.jpg 900w, https://cimg.co/news/123873/327256/responsive-images/adobestock-rafael-henrique-1-1___media_library_original_720_480.jpg 720w, https://cimg.co/news/123873/327256/responsive-images/adobestock-rafael-henrique-1-1___media_library_original_600_400.jpg 600w, https://cimg.co/news/123873/327256/responsive-images/adobestock-rafael-henrique-1-1___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: AdobeStock / Rafael Henrique</figcaption></figure>Arkham Intelligence&nbsp;has revealed that a wallet belonging to&nbsp;<a href="https://cryptonews.com/news/robinhoods-q2-earnings-show-18-decline-crypto-trading-revenue.htm">Robinhood</a>&nbsp;holds more than $2.5 billion worth of&nbsp;<a href="https://cryptonews.com/coins/ethereum/">Ethereum (ETH)</a>.In a Wednesday tweet, Arkham said the company has identified Robinhood as the owner of the 5th largest ETH wallet with 1.5 million ETH (worth $2.54 billion).&nbsp;The intelligence platform had previously identified Robinhood as the owner of the third-largest&nbsp;<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>&nbsp;address, which holds 118,300 BTC ($3 billion)."We&rsquo;ve also identified [Robinhood] as the owner of the 5th largest ETH wallet, holding $2.54 [billion] of ETH," the tweet reads.&nbsp;Aside from ETH, the address also holds more than 100 other ERC-20 tokens, collectively worth $177.1 million.&nbsp;Those numbers bring Robinhood&rsquo;s total holdings for all Ethereum-based tokens above $2.71 billion.In response to a user who asked whether the funds belong to Robinhood or its customers, Arkham said that the address holds funds in custody on behalf of users.&nbsp;"SEC requires that crypto balances on RH are backed 1:1," the intelligence firm wrote.&nbsp;<figure class="media"><oembed url="https://twitter.com/ArkhamIntel/status/1696933188268954046?s=20"></oembed></figure>The four Ethereum addresses larger than Robinhood&rsquo;s account include Ethereum&rsquo;s beacon deposit contract, a wrapped Ether contract, and addresses belonging to major cryptocurrency exchanges&nbsp;<a href="https://cryptonews.com/reviews/kraken/">Kraken</a>&nbsp;and&nbsp;<a href="https://cryptonews.com/reviews/binance/">Binance</a>.The beacon deposit contract is by far the largest of those addresses. With more than 29 million ETH ($49.7 billion), it accounts for one-quarter of the entire Ethereum supply.A wallet connected to Robinhood includes 122,076 BTC, 34.1 trillion&nbsp;<a href="https://cryptonews.com/coins/shib-shiba-inu/">Shiba Inu (SHIB)</a>&nbsp;tokens ($277.8 million), 4.9 million&nbsp;<a href="https://cryptonews.com/coins/chainlink/">Chainlink (LINK)</a>&nbsp;tokens ($29.7 million), and 2.6 million&nbsp;<a href="https://cryptonews.com/coins/avax-avalanche/">Avalanche (AVAX)</a>&nbsp;tokens ($29.6 million), according to the on-chain analytics firm.It is worth noting that an AI-generated script by crypto media outlet Decrypt mistakenly claimed that Robinhood's wallet holds $4.3 trillion in ETH instead of $2.5 billion.&nbsp;<figure class="media"><oembed url="https://twitter.com/mikebelshe/status/1697090457304789149?s=20"></oembed></figure><h2 id="robinhood-wallet-expands-support-for-more-cryptos">Robinhood Wallet Expands Support for More Cryptos</h2>On Wednesday, Robinhood&nbsp;<a href="https://newsroom.aboutrobinhood.com/robinhood-wallet-adds-support-for-bitcoin-and-dogecoin-and-enables-ethereum-swaps/">announced</a>&nbsp;the expansion of its wallet product to include support for Bitcoin,&nbsp;<a href="https://cryptonews.com/coins/dogecoin/">Dogecoin (DOGE)</a>, and in-app Ethereum swaps.In an announcement, the company said it is incorporating &ldquo;custodial, sending, and receiving capabilities for Bitcoin and Dogecoin&rdquo; alongside the existing feature of facilitating Ethereum swaps.&nbsp;In the initial phase, a select group of users will have access to more than 200 tokens for swapping, but the company plans to extend this feature to a broader audience in the near future.&ldquo;With Robinhood Wallet we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,&rdquo; said Johann Kerbrat, GM of Robinhood Crypto.Despite its growing presence in the crypto space, Robinhood has had trouble maintaining high trading volumes.&nbsp;In June this year, Robinhood&nbsp;<a href="https://cryptonews.com/news/robinhood-reports-68-percent-decline-crypto-trading-compared-2022.htm">reported</a>&nbsp;that crypto trading had plummeted 68% compared to the previous year.&nbsp;Crypto trading was close to $2.1 billion in May 2023 compared to $6.6 billion a year before, according to the company's monthly operating data report.In its Q2 2023 earnings report, Robinhood&nbsp;<a href="https://cryptonews.com/news/robinhoods-q2-earnings-show-18-decline-crypto-trading-revenue.htm">revealed</a>&nbsp;crypto trading revenue of $31 million, representing an 18% decrease from the previous quarter's $38 million.&nbsp;More recently, it was also reported that Robinhood has&nbsp;<a href="https://cryptonews.com/news/robinhood-ends-crypto-partnership-with-jump-trading-whats-going-on.htm">ended its crypto business relationship</a>&nbsp;with market maker&nbsp;<a href="https://cryptonews.com/news/top-market-makers-jane-street-jump-crypto-pare-down-us-crypto-operations-amid-regulatory-pressure.htm">Jump Trading</a>, and the regulatory environment in the US may be a reason.&nbsp;
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Arkham Investigation Reveals Robinhood Wallet Holds $2.5 Billion in ETH

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