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Highlights
- Robinhood Markets has launched Robinhood Wallet for Android users.
- This is a significant step towards crypto adoption as Android holds a 70% share of the global mobile OS market.
- HOOD price jumps 3% after the announcement.
Robinhood Markets on Wednesday said it has launched Robinhood Wallet for Android users around the globe. This expands Robinhood mission to push for crypto adoption while making Robinhood the most trusted and easiest way to use crypto.
Robinhood Wallet Launch for Android Users
Commission-free stocks and crypto trading app Robinhood in a press release on March 20 announced the launch of Robinhood Wallet for Android users. This is a significant step towards crypto adoption as Android holds a 70% share of the global mobile OS market.
“Launching Robinhood Wallet on Android is a big step forward in our commitment to make crypto more accessible and seamlessly integrated into daily life for millions of people around the world, ” said Johann Kerbrat, GM of Robinhood Crypto.
The timing of the launch is crucial as the crypto bull market will offer millions of potential crypto users around the world to jump into the crypto space.
Android users will be able to hold private keys and have control of their digital assets with Robinhood Wallet. Users can store, manage, send, and receive crypto on Ethereum, Bitcoin, Dogecoin, Arbitrum, Polygon, Optimism, and Base networks. Also, Robinhood Wallet offers services such as swap, fund addition, and details on trending tokens.
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Crypto Adoption Push by Robinhood
Research firm Bernstein gave “outperform” rating to Robinhood Markets last week, with analyst Gautam Chhugani asserting that volume of cryptocurrency trades at the online brokerage will increase nine times over the next two years. He set a $30 price target for the stock, which is the highest among analysts Bloomberg tracks.
After their expansion to the UK last year, Robinhood (HOOD) price has skyrocketed by 40% year-to-date. The price currently trades at $17.74, up almost 3% on Wednesday.
Recently, Robinhood Europe listed Circle’s USD Coin (USDC) on its platform, expanding crypto offerings to over 25 cryptocurrencies. In addition, the crypto exchange has rolled out a program for USDC holders that can help them earn up to 10% rewards.
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