It’s been a big year for crypto, and today Robinhood has shared some stats that provide more evidence that the crypto boom is more than just hype – at least for now.
AT blogChristina Brown, Head of Cryptocurrency Operations at Robinhood, reported that in the first quarter of 2021, 9.5 million of her clients traded cryptocurrency through the company’s platform. This is a large figure for the 1.7 million clients who traded cryptocurrency in the fourth quarter of 2020. The company first launched its Crypto division in January 2018, but did not provide figures for previous quarters.
In February, Robinhood reported that it saw six million new Robinhood Crypto customers in the first two months of this year alone. This compares to a peak of 401,000 in one month in 2020, with an average monthly number of around 200,000 customers.
Brown says the company’s intention at launching Robinhood Crypto was primarily to enable its customers to buy and sell cryptocurrency in addition to a range of assets offered through brokerage Robinhood Financial.
Robinhood Crypto currently offers seven tradable coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Brown also noted that Robinhood’s cryptographic team has more than tripled since the start of the year, although it’s not entirely clear how many employees it currently has on that team. His job site has several cryptocurrency-related job openings, including the open role “Crypto CFO”.
The company is making it clear that cryptocurrency is an important part of its overall business and part of its mission to democratize access to the masses.
“In theory, all it takes to spend, trade and store cryptocurrency is an internet connection – you don’t need access to a large line of credit or start-up capital,” Brown wrote. “You don’t even need to be awake at certain times of the day to trade. The crypto market is not shutting down. Crypto was born out of a mission to take power from institutions and return it to the people. “
Robinhood raised $ 200 million more last August at a new, higher valuation of $ 11.2 billion in its third increase in a year before filing for a public offering in March. The company had a tumultuous past year that was filled with time ahead of Congress, bad PR over user suicide, and settlements with the SEC.
Meanwhile, TechCrunch also reported earlier this week that At first quarter of 2021, American consumer cryptocurrency giant Coinbase rose sharplywhile generating high profits. Specifically, the company’s revenue in the first quarter of 2021 was $ 1.8 billion, compared to $ 585.1 million in the fourth quarter of 2020. Net income was “approximately $ 730 million to $ 800 million” compared to $ 178.8 million in Q4 2020.
This article has been updated since publication with some additional numbers.