Robinhood Reports Surge in Cryptocurrency Traders

Robinhood, a US-based financial services provider, has reported a surge in the number of cryptocurrency traders. Robinhood Crypto is currently offering trading services in different digital currencies including Bitcoin, BCH, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.

According to the official announcement, more than 9.5 million customers traded cryptocurrency assets on Robinhood Crypto during the first three months of 2021, which was a significant jump from 1.7 million in Q4 of 2020.

Founded in 2013 by Vladimir Tenev, Robinhood has gained immense popularity among retail traders around the world. The financial trading platform received some criticism in January 2021 when the company temporarily disabled some of the features on its app related to the trading of few stocks and cryptocurrency assets amid price volatility.

“Different assets work for different investors for different reasons. We launched Robinhood Crypto to give our customers the opportunity to buy and sell cryptocurrency in addition to the range of assets offered through our brokerage, Robinhood Financial. Since then, cryptocurrency has only continued to grow in popularity. This year in particular has been a big one. In the first quarter of 2021, 9.5 million customers traded crypto on Robinhood Crypto, compared to 1.7 million in the fourth quarter of 2020,” Robinhood mentioned in an official announcement.

In addition, Robinhood highlighted the growing popularity of the cryptocurrency market and mentioned that crypto was born out of a mission to take power away from institutions and return it to the people. In an official Twitter post of February 2021, Robinhood revealed plans regarding different cryptocurrency assets including Dogecoin. The company has expanded its crypto offerings during the last few months amid growing demand from retail traders. Finance Magnates earlier reported about Robinood’s plan to expand its physical presence in the US with a new office in Charlotte.

The overall market cap of cryptocurrency assets saw a jump in the last 24 hours. The total value of the digital currency market now stands at around $1.98 trillion.

(Photo: CCNULL)

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