The number of cryptocurrency traders on Robinhood has been on the increase since the brokerage company debuted in crypto service. In its latest report, Robinhood revealed that the crypto traders on the platforms increased significantly in the first quarter of the year, which coincides with the growing interest and popularity of cryptocurrencies in general.
Robinhood sees massive increase in crypto trading volume
According to the report, Robinhood recorded about 9.5 million crypto traders in Q1 alone. This represents an over 450 percent increase when compared to the last quarter of 2020. At the time, the trading app had only 1.7 million customers trading cryptocurrencies on the platform. The company attributed the growth to the increase in the popularity of digital currencies across different countries of the world.
A good number of traders on the platform are female. The Brokerage company revealed this last month, saying that 40 percents of customers trading cryptocurrencies on the platform are female. As Cryptopolitan reported, this was a seven-time increase compared to the record at the end of 2020.
Democratizing crypto trading
The trading app only supports the trading of seven popular cryptos, which include Bitcoin, Ether, Litecoin, Bitcoin Cash, Dogecoin, Ethereum Classic, and Bitcoin SV. Robinhood has been able to triple its cryptocurrency team since the beginning of the year, following its mission to democratizes finance and cryptocurrency trading. Judging by the increase in the app’s crypto team, it seems Robinhood might soon step up its crypto service.
As of February, the company announced plans to enable crypto deposit and withdrawal options. The crypto service on Robinhood is similar to that of PayPal, wherein users can only buy and sell Bitcoin and other cryptos; however, they cannot transfer the coins to external wallets.