Robinhood to Focus On Cryptocurrency In Global Expansion Plans

Updated:

Prominent trading platform Robinhood recently revealed that its international expansion labs will begin with “crypto first.”

Chief brokerage officer at Robinhood, Steve Quirk, expounded on the company’s “turnaround” strategy at an interview with CNBC last week. Quirk argued that the platform now has seven cryptocurrencies listed and is actively working towards increasing this number in the future. The Robinhood executive detailed:

“We are doing a lot of exploration about finding compliant ways to expand that.”

At press time, customers can trade and view real-time market data for Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

Meanwhile, several top Robinhood members have previously asserted that the company’s top priority at this time is compliance with global regulatory standards. Last December, the trading company entered a partnership deal with analytics platform Chainalysis to fulfill compliance requirements. In January, the company explained that it was imperative to acquire more regulatory clarity before it proceeded with more crypto listings.

Robinhood Begins Cryptocurrency Wallet Rollout

Additionally, the chief brokerage officer asserted that the company will “also roll out some other features people have been looking for like wallets.” Only recently, Robinhood began rolling out its crypto wallets services to customers, as it positions for more crypto-based endeavors. Quirk also noted that: “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” further explaining:

“We also have aspirations to take this brand global, and we will do so crypto first.”

He also emphasized: “I think the path for us to go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.” Quirk concluded by noting:

“From the regulatory standpoint and all the facets that come into it, it’s probably the easiest way to go global.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.