Bitcoin and cash

Robinhood Crypto Trading Spikes to 9.5M Users in Q1, Digital Coin Revolution Inevitable

Crypto trading platform Robinhood experienced a 9.5 million user spike in the first quarter of 2021.

2021 has been a great year for cryptocurrencies as Bitcoin and Ethereum achieved record-breaking all-time highs (ATHs). And with it comes the growing trust and speeding adoption of digital coins.

Globally renowned crypto trading platform Robinhood shared a report providing evidence that the crypto boom is currently happening.

Robinhood Crypto Operations Chief Christine Brown states that 9.5 million of their clients traded cryptos using their platform. This is way higher than their initial 1.7 million customers who traded digital coins in Q4 of 2020.

The firm started its crypto operations in January 2018. But they have been keen to provide initial statistics over the years.

Robinhood says in a statement released last February that its client pool increased to a massive six million customers since the year started. This shows a peak of 401,000 clients in just one month and averaged at an estimated 200,000 clients.

Brown states that the firm’s goal behind Robinhood Crypto is to provide a secure, stable, and convenient platform where anyone can trade cryptocurrencies. They also offer a wide range of assets offered via their brokerage, Robinhood Financial.

Robinhood Crypto is currently supporting seven cryptocurrencies. These are:

  • Bitcoin
  • Bitcoin Cash
  • Bitcoin SV
  • Ethereum
  • Ethereum Classic
  • Dogecoin
  • Litecoin

Furthermore, Brown states that Robinhood’s crypto development team has increased exponentially. Specifically speaking, Brown says their team tripled since the turn of the year. There are also numerous crypto-related job openings on their site’s career page, including a Crypto CFO.

Robinhood shows that the direction they are taking is inclined towards Blockchain technology. They also wanted to bring cryptocurrencies to the mainstream market to allow faster development in digital coin security.

Brown shares in a statement that cryptocurrencies are the future because you can “spend, trade, and store” cryptos using only an internet connection. Users will then find it more convenient to deal with cryptos because they don’t have to maintain huge credit lines and startup capital. Also, Brown states that the crypto market is live 24/7, allowing anyone to access and trade anytime and anywhere.

But Robinhood’s success didn’t just start this year. Instead, the company already raised over $200 million last August. This amounts to a whopping $11.2 billion valuation. Financial analysts then expect the firm to stay bullish throughout the year as crypto adoption is set to skyrocket in the coming months.

Bitcoin and cash

Source: https://www.pexels.com/photo/round-silver-and-gold-coins-730564/

Leave a Reply

Your email address will not be published. Required fields are marked *