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Moreover, Robinhood said that its team had expanded more than three times since 2021 began.
Stock brokerage Robinhood Markets Inc said customers who traded crypto on the platform grew from 1.7 million in 2020 Q4 to 9.5 million in 2021 Q1. The online brokerage app announced the massive growth in a blog post published on the 8th of April. In the blog post titled “How Crypto Fits Into Robinhood’s Mission,” the company stated its mission as democratizing finance for all. Primarily, Robinhood aims at offering investment opportunities and increasing accessibilities to them.
Robinhood Comments on Increase in Crypto Traders
Robinhood talked about the significant increase the company recorded in the first quarter of the year. The company said:
“We launched Robinhood Crypto to give our customers the opportunity to buy and sell crypto currency-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.”
Currently, Robinhood Crypto supports seven traded digital coins. They are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin SV (BSV), and Dogecoin (DOGE).
Robinhood said that Vladimir Tenev and Baiju Bhatt, founded the company to disrupt tradition in the finance industry and give access to the people. The post stated:
“They were fascinated by blockchain technology and the promise it held in democratizing access to global payments. The prospect of an open and decentralized global financial system, one where everyone can have access to financial services, strongly aligned with Robinhood’s mission-so democratizing cryptocurrency trading felt like a natural step.”
Stating further, the company said Robinhood Crypto was created to reduce barriers in trading. At the same time, the service is to provide easy and “elegant and intuitive” features. As part of making trading accessible, Robinhood has a detailed note on cryptocurrencies and other related terms.
Robinhood Team Expands
Furthermore, Robinhood said that its team had expanded more than three times since 2021 began. The company said it added more staff across the engineering, security, and compliance sectors. As highlighted in the blog post, the added workers will help the company “scale and build crypto withdrawals and deposits quickly and safely,” Robinhood added that it would continue to expand its crypto team.
Late last month, Coinspeaker reported that Robinhood was planning its market debut through an initial public offering (IPO). The report said that the firm had confidentially submitted a draft registration with the US Securities and Exchange Commission (SEC) regarding the matter.
Also, Robinhood has not officially announced the exchange it plans to leverage for its IPO. However, CNBC cited a source who mentioned Nasdaq as the intended exchange.
Notably, the crypto space has been increasing significantly over the past months. Bitcoin, Ethereum, and other altcoins have recorded gains, with some coins hitting record levels.