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

It’s been an enormous 12 months for crypto, and Robinhood shared some stats at present offering extra proof that the crypto growth 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 clients traded crypto through the corporate’s platform. That’s up huge time from the 1.7 million clients who traded crypto within the 2020 fourth quarter. The corporate first launched its Crypto unit in January of 2018 however hasn’t supplied numbers in earlier quarters.

In February, Robinhood revealed it had seen six million new clients on Robinhood Crypto within the first two months of this 12 months 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 clients.

Brown says the corporate’s intent behind launching Robinhood Crypto within the first place was to present its clients the chance to purchase and promote cryptocurrency along with the vary of belongings provided by way of its brokerage, Robinhood Monetary.

Robinhood Crypto at the moment presents seven tradeable cash: Bitcoin, Bitcoin Money, Bitcoin SV, Dogecoin, Ethereum, Ethereum Traditional and Litecoin. 

Brown additionally famous that Robinhood’s crypto group has already greater than tripled because the starting of the 12 months, though it’s not totally clear what number of staffers it at the moment has on that group. There are a selection of crypto-related openings on its careers web site, together with an open “Crypto CFO” function.

The corporate 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 lots.

“All it takes to spend, commerce, and retailer cryptocurrency, theoretically, is an web connection — you don’t want entry to an enormous line of credit score, or startup capital,” Brown wrote. “You don’t even need to 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 folks.”

Final 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 corporate has had a tumultuous previous 12 months or in order that was full of time in entrance of Congress, dangerous PR from a person’s suicide and settlements with the SEC.

In the meantime, Fundingnewsasia additionally reported earlier this week that within the first quarter of 2021, American shopper cryptocurrency buying and selling large Coinbase grew sharply, producing sturdy income on the identical 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