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Home Tech Crypto trading on Robinhood spiked to 9.5M customers in first quarter –...

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

It’s been an enormous 12 months for crypto, and Robinhood shared some stats immediately offering extra proof that the crypto increase is extra than simply hype — at the very least for now.

In a weblog, Christine Brown, Robinhood’s head of crypto operations, revealed that in the first quarter of 2021, 9.5 million of its customers traded crypto by way of the corporate’s platform. That’s up huge time from the 1.7 million customers who traded crypto in the 2020 fourth quarter. The firm first launched its Crypto unit in January of 2018 however hasn’t supplied numbers in earlier quarters.

Brown says the corporate’s intent behind launching Robinhood Crypto in the first place was to give its customers the chance to purchase and promote cryptocurrency in addition to the vary of belongings provided by way of its brokerage, Robinhood Financial.

Robinhood Crypto presently gives seven tradeable cash: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin. 

Brown additionally famous that Robinhood’s crypto crew has already greater than tripled for the reason that starting of the 12 months, though it’s not totally clear what number of staffers it presently has on that crew. There are quite a few crypto-related openings on its careers website, together with an open “Crypto CFO” function.

The firm is making clear that crypto is a crucial a part of its total enterprise and a part of its mission to democratize entry to the plenty.

“All it takes to spend, trade, and store cryptocurrency, theoretically, is an internet connection — you don’t need access to a big line of credit, or startup capital,” Brown wrote. “You don’t even have to be awake at a certain time of day to trade. The crypto market doesn’t close. Crypto was born out of a mission to take power away from institutions and return it to the people.”

Last August, Robinhood raised $200 million extra at a brand new, increased $11.2 billion valuation in its third elevate of the 12 months earlier than submitting to go public in March. The firm has had a tumultuous previous 12 months or in order that was stuffed with time in entrance of Congress, dangerous PR from a person’s suicide and settlements with the SEC.

Meanwhile, TechCrunch additionally reported earlier this week that in the first quarter of 2021, American client cryptocurrency trading big Coinbase grew sharply, producing robust earnings on the similar time. Specifically, the corporate notched income of $1.8 billion in Q1 2021, up from $585.1 million in This autumn 2020. Net earnings totaled “approximately $730 million to $800 million,” up from $178.8 million in This autumn 2020.

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