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Crypto trading on Robinhood reached 9.5 million customers in Q1 – TechCrunch

It’s been a big year for crypto, and Robinhood shared some stats today, providing more evidence that the crypto boom is more than just hype – at least for now.

In one BlogRobinhood Crypto Operations Manager Christine Brown revealed that in the first quarter of 2021, 9.5 million of her customers traded crypto through the company’s platform. This is significantly more than the 1.7 million customers who traded cryptocurrencies in the fourth quarter of 2020. The company first launched its Crypto unit in January 2018, but did not provide figures during of previous quarters.

In February, Robinhood revealed that it had seen six million new customers on Robinhood Crypto in the first two months of this year alone. This compares to a high of 401,000 in a single month in 2020, with a monthly average of around 200,000 customers.

Brown says the company’s intention behind launching Robinhood Crypto was primarily to give its clients the ability to buy and sell cryptocurrency in addition to the range of assets offered by its brokerage, Robinhood Financial.

Robinhood Crypto currently offers seven exchangeable coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.

Brown also noted that Robinhood’s crypto team has already more than tripled since the start of the year, although it is not entirely clear how many staff they currently have on that team. There are a number of crypto-related opportunities on its careers site, including an open role of “Crypto CFO”.

The company is making it clear that crypto is an important part of its overall business and its mission to democratize access to the masses.

“All it takes to spend, trade and store cryptocurrency, in theory, is an internet connection – you don’t need to access a large line of credit or start-up capital. Brown wrote. “You don’t even have to be awake at a certain time of day to trade. The crypto market is not closing. Crypto was born out of a mission to take power away from institutions and return it to the people. “

Last August, Robinhood raised an additional $ 200 million with a new higher valuation of $ 11.2 billion in its third raise of the year before filing its candidacy in March. The company has had a tumultuous year or so that has been filled with time in Congress, poor public relations of a user suicide, and settlements with the SEC.

Meanwhile, TechCrunch also reported earlier this week that first quarter 2021, American consumer cryptocurrency trading giant Coinbase strongly increased, at the same time generating solid profits. Specifically, the company reported sales of $ 1.8 billion in the first quarter of 2021, compared to $ 585.1 million in the fourth quarter of 2020. Net income totaled “approximately $ 730 million to $ 800 million. of dollars ”, compared to 178.8 million dollars in the fourth quarter of 2020.

This article has been updated after publication with a few additional issues

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