- Robinhood stated the variety of prospects buying and selling cryptocurrencies on its platform reached 9.5 million within the first quarter.
- The quarterly determine is a surge from 1.7 million cryptocurrency prospects within the remaining quarter of 2020.
- Robinhood’s replace highlights the fast-growing recognition of digital belongings.
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Buying and selling app Robinhood stated 9.5 million prospects traded cryptocurrency in the course of the first quarter of 2021, hovering from 1.7 million crypto merchants on the platform within the final quarter of 2020.
Robinhood shared the determine in a weblog publish on Thursday during which it highlighted its Robinhood Crypto platform that it launched in 2018. “This yr specifically has been a giant one,” it stated about exercise in 2021.
There’s been a pickup this yr within the variety of monetary establishments and different firms saying they are going to enable their prospects to make use of or to realize entry to cryptocurrencies and the blockchain know-how that backs them. Funding financial institution Goldman Sachs is trying into methods to help their shoppers’ want to personal cryptocurrencies and different digital belongings, CEO David Solomon stated Tuesday in a CNBC “Squawk Box” interview. Tesla’s CEO Elon Musk final month stated the electrical car maker will accept bitcoin as payment.
Robinhood stated its prospects have entry to seven tradable cash together with bitcoin, dogecoin and ethereum.
“The prospect of an open and decentralized world monetary system, one the place everybody can have entry to monetary providers, strongly aligned with Robinhood’s mission–so democratizing cryptocurrency buying and selling felt like a pure subsequent step,” stated Robinhood.