A digital wallet linked with Robinhood, a platform developed in the United States that enables users to trade various instruments, including cryptocurrencies, without incurring any commission costs, is the fifth largest holder of Ethereum (ETH). Robinhood is a platform that allows users to trade numerous instruments, including cryptocurrencies. As of the 30th of August, according to Arkham Intelligence, a platform for on-chain analytics. Robinhood controlled 1.72 million ETH, which currently has a market value of $2.93 billion.
It took time to tell whether or not Robinhood retained custody of these coins on behalf of its customers or whether or not it owned them directly. Neither option was immediately possible. The trading and investment company still needs to clarify the status of its coins, including Bitcoin and Shiba Inu (SHIB), which comprise a significant portfolio component. Together, these coins constitute a considerable portion of their overall holdings.
On the other hand, it is abundantly evident from the information saved on the blockchain that the Robinhood wallet collectively houses billions of dollars worth of coins.
ROBINHOOD IS WORTH BILLIONS
To illustrate this point, Robinhood's digital asset management platform is responsible for more than $6.6 billion worth of cryptocurrency holdings, of which Bitcoin and Ethereum account for more than half. As was said before, they currently control Bitcoin, worth $3.3 billion and Ethereum, worth $2.93 billion. This gives them control over a substantial amount of cryptocurrency. In addition, they have more coins, including SHIB, which has a current market value of $227 million; Chainlink (LINK), which has a current market value of $30 million; and Avalanche (AVAX), which has a current market value of $29 million.
The entirety of the website serves as storage for more than thirty distinct digital assets, some of which are stablecoins. Interestingly, Robinhood does not significantly emphasize USDT as its primary currency offering. The tracker shows that Robinhood only has $1,720 worth of USDT in its possession, in contrast to its direct competitor, USDC, which has more than $5.1 million in assets under administration.
Regarding stablecoins, there is no justification for the conspicuous preference for USDC over USDT.
The US Dollar Tether (USDT) is now the most liquid stablecoin in the world, which gives it the advantage of being the first-mover. It has also surpassed USDC in size to become the third-largest digital asset.
THE BEACON CHAIN HOLDS OVER $49 BILLION IN ETHEREUM
Binance has authority over several offline wallets without a total capacity of billions of currencies. Because they are not connected to the internet, cold wallets are frequently regarded as having a higher level of security.
Aside from cryptocurrency exchanges, the official deposit contract on the Beacon Chain is the single largest wallet that controls Ethereum. It contains 6% of all coins that are currently in circulation. On the proof-of-stake Ethereum blockchain, various validators have been charged with approving transactions. These validators have collectively locked over 29.1 million ETH, equivalent to over $49 billion.