Crypto trading on Robinhood spiked to 9.5M customers in first quarter – TechCrunch

It has been a big year for crypto, and Robinhood today shared some statistics that provide more evidence that the crypto boom is more than just hype – at least for now.

In one The blogChristine Brown, head of Robinhood, head of crypto operations, revealed that in the first quarter of 2021, 9.5 million of its customers traded crypto through the company’s platform. This is the big time from the 1.7 million cryptocurrencies customers in the fourth quarter of 2020. The company first launched its Crypto Unit in January of 2018, but did not give numbers in the previous quarters.

In February, Robinhood revealed that the first two months of this year saw six million new customers on Robinhood crypto. This compares to a peak of 401,000 a month in 2020, with a monthly average of about 200,000 subscribers.

Brown says that the company’s intention behind launching Robinhood crypto for the first time was to give its customers the opportunity to buy and sell cryptocurrencies in addition to the range of assets offered through its brokerage, Robinhood Financial.

Robinhood crypto currently offers seven traditional coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.

Brown also notes that Robinhood’s crypto team has already tripled since the beginning of the first year, although it is not entirely clear how many employees are currently on that team. Its career site has several crypto-related openings, including an open “crypto CFO” role.

The company is clarifying that crypto is an important part of its overall business and is part of its mission to democratize access to the public.

“All it takes to spend, trade and store cryptocurrencies is, theoretically, an Internet connection – you don’t need a huge line of credit or access to startup capital,” Brown wrote. Brown Wrote “You don’t need to be awake at a certain time of day for business. The crypto market does not stop. Crypto was born out of a mission to take power from institutions and return people. “

Last August, Robinhood raised $ 200 million more in a new, higher $ 11.2 billion valuation in its third uptake of the year before filing publicly in March. The company has been lying for more than a year, so the time before Congress was filled with time, bad PR by a user’s suicide and settlements with the SEC.

Meanwhile, ClearTips also reported earlier this week At first 2021 quarter, US consumer cryptocurrency trading giants Coinbase increased rapidlyMaking strong profits at the same time. Specifically, the company generated revenue of $ 1.8 billion in Q1 2021, up from $ 585.1 million in Q20 2020. Total income was “approximately $ 730 million to $ 800 million” from $ 178.8 million in Q4 2020.

This article was updated after publication with some additional numbers

By Jothi Venkat

Chief Editor Jothi Venkat Tips Clear In . Editorial chief and CEO of Representing many online News sites and Magazines. Having Media company World Wide with a team of Neutral Reporters.

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