It’s been a giant yr for crypto, and Robinhood shared some stats right this moment offering extra proof that the crypto increase is extra than simply hype — no less than for now.
In a blog, Christine Brown, Robinhood’s head of crypto operations, revealed that within the first quarter of 2021, 9.5 million of its prospects traded crypto by way of the corporate’s platform. That’s up massive time from the 1.7 million prospects who traded crypto within the 2020 fourth quarter. The corporate first launched its Crypto unit in January of 2018 however hasn’t offered numbers in earlier quarters.
In February, Robinhood revealed it had seen six million new prospects on Robinhood Crypto within the first two months of this yr alone. That compares to a peak of 401,000 in a single month in 2020, with a month-to-month common of about 200,000 prospects.
Brown says the corporate’s intent behind launching Robinhood Crypto within the first place was to offer its prospects the chance to purchase and promote cryptocurrency along with the vary of property supplied by way of its brokerage, Robinhood Monetary.
Robinhood Crypto at present gives seven tradeable cash: Bitcoin, Bitcoin Money, Bitcoin SV, Dogecoin, Ethereum, Ethereum Basic and Litecoin.
Brown additionally famous that Robinhood’s crypto group has already greater than tripled because the starting of the yr, though it’s not completely clear what number of staffers it at present has on that group. There are a variety of crypto-related openings on its careers website, together with an open “Crypto CFO” function.
The corporate is making clear that crypto is a crucial a part of its general enterprise and a part of its mission to democratize entry to the plenty.
“All it takes to spend, commerce, and retailer cryptocurrency, theoretically, is an web connection — you don’t want entry to a giant line of credit score, or startup capital,” Brown wrote. “You don’t even should be awake at a sure time of day to commerce. The crypto market doesn’t shut. Crypto was born out of a mission to take energy away from establishments and return it to the individuals.”
Final August, Robinhood raised $200 million more at a brand new, increased $11.2 billion valuation in its third increase of the yr earlier than submitting to go public in March. The corporate has had a tumultuous previous yr or in order that was full of time in front of Congress, bad PR from a user’s suicide and settlements with the SEC.
In the meantime, additionally reported earlier this week that within the first quarter of 2021, American client cryptocurrency buying and selling big Coinbase grew sharply, producing sturdy income on the similar time. Particularly, the corporate notched income of $1.8 billion in Q1 2021, up from $585.1 million in This fall 2020. Internet revenue totaled “roughly $730 million to $800 million,” up from $178.8 million in This fall 2020.
This text was up to date post-publication with some extra numbers
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