Robinhood Reports a 450% Increase in Crypto Trading for Q1 2021

Robinhood Reports a 450% Increase in Crypto Trading for Q1 2021

Prominent US online brokerage provider Robinhood recently reported that the number of users that trade cryptocurrencies on its platform grew by six times in Q1 2021. According to a blog post dated April 8, Robinhood revealed that a total of 9.5 million users traded on its platform in the first quarter of 2021 alone, a significant increase from the 1.7 million recorded in Q4 2020.

The record increase of crypto traders on Robinhood is a testament to the increasing popularity and adoption of cryptocurrencies. Meanwhile, the brokerage provider also reported that its cryptocurrency team had more than tripled since the beginning of the year.

The blog post recounts that Robinhood Crypto got initiated to provide a simple, cheap, and efficient avenue for trading cryptocurrencies. The platform currently supports only seven crypto assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), Litecoin (LTC), and Dogecoin (DOGE).

This is not the first significant trading record set in 2021 by Robinhood. In February, the brokerage giant recorded a massive increase in the number of new users (six million new customers) just two months into 2021.

The GameStop Robinhood Saga
While 2021 has been a record-breaking year for Rohinhood, the company suffered a major PR crisis when it came under heavy criticism, following its decision to halt the trading of GME stocks amid an unprecedented price rally.

The trading platform also got heavily criticized by the crypto community after it suspended cryptocurrency trading on its platform.

Nonetheless, the company has forged through the crisis and recently announced that it had filed for an IPO with the US Securities and Exchange Commission (SEC).

Along with Robinhood, Coinbase also reported a significant growth in Q1 2021. The exchange giant revealed that it recorded $1.8 billion in revenue in the first quarter of 2021.

 

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Robinhood Announces Plan to Enable Cryptocurrency Deposits

Robinhood Announces Plan to Enable Cryptocurrency Deposits

Popular brokerage app Robinhood has announced that it is working on making cryptocurrency deposits, including Dogecoin (DOGE/USD), possible for its users. According to a tweet from the company’s official Twitter handle yesterday, the brokerage noted that it “fully intends” to add the extra functionality to its system but failed to mention any specific date for the update. At the moment, traders can only buy and sell cryptocurrencies within the platform.

That said, the comment got tweeted just an hour before Bloomberg reported in an article that Robinhood was the owner of the world’s largest Dogecoin wallet. Meanwhile, Robinhood stated its tweet that it “does not currently invest in cryptocurrency or use any customer cryptocurrency” for personal profits.

Robinhood Comes Under Fire for Last Month’s Trading Restriction
In other news, the giant online trading platform has come under heavy criticism following its decision to restrict its users’ ability to trade cryptocurrencies and some highly-volatile stocks, including GameStop, last month. Robinhood explained that the primary cause for these “extraordinary market conditions” but later said that its clearing firm raised the fees for carrying out transactions beyond what it could afford.

The company was reported to have raised $3.4 billion in an emergency fund during the volatility-racked period. The decision to limit instant cryptocurrency purchases, at the time, meant that users had to use settled funds for their purchases.

Vlad Tenev. Source: Google

The Chief Executive Officer of the company—Vlad Tenev—will testify in front of Congress on Thursday about what transpired during the GameStop spike, which was fomented by Reddit trading group r/WallStreetBets.

Tenev noted in a written introduction that his company had “introduced features that have opened the door for many investors who have historically been unable to access the stock market.”

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.