Brokerage giant Robinhood has announced that its cryptocurrency wallet is now available for Android users around the globe.
The company initially introduced the wallet for all iOS devices last March. Prior to that, more than a million users joined the waitlist for the product.
Self-custodial wallet
Robinhood's wallet supports Bitcoin as well as several altcoins, including Ethereum (ETH), Dogecoin (SHIB), Shiba Inu (SHIB) and Polygon (MATIC).
Notably, it also allows users to safely store their non-fungible tokens (NFTs) on top of regulator cryptocurrencies.
The self-custodial cryptocurrency wallet gives users full control of their cryptocurrencies. Users can either create a new wallet from scratch or import their coins from an existing wallet. In order to create a new wallet, it is required to create a custom PIN as well as a seed recovery phrase.
In February, Robinhood also announced a partnership with popular self-custodial wallet MetaMask. The tie-up has allowed MetaMask users to secure a fiat on-ramp.
Will Robinhood benefit from bull run?
Robinhood saw a massive spike in earnings during the previous bull run. This was mainly due to the stunning success of Dogecoin, the largest meme coin. However, this success was very fleeting for Robinhood.
This February, however, the company managed to report higher-than-expected crypto revenues, which was partially why its shares rallied more than 15%.
Bernstein, a popular investment firm, believes that Robinhood could benefit due to the ongoing cryptocurrency bull market. It has set a price target of $30.
Shares of Robinhood are up an impressive 35% on a year-to-date basis. Its shares are currently trading at $17 a pop.
Tomiwabold Olajide
Yuri Molchan
Arman Shirinyan
