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

It’s been a giant yr for crypto, and Robinhood shared some stats in the present day offering extra proof that the crypto increase is extra than simply hype — not less than for now.

In a blog, Christine Brown, Robinhood’s head of crypto operations, revealed that in the first quarter of 2021, 9.5 million of its customers traded crypto by way of the corporate’s platform. That’s up large time from the 1.7 million customers who traded crypto in the 2020 fourth quarter. The firm first launched its Crypto unit in January of 2018 however hasn’t offered numbers in earlier quarters.

In February, Robinhood revealed it had seen six million new customers on Robinhood Crypto in the first two months of this yr 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 customers.

Brown says the corporate’s intent behind launching Robinhood Crypto in the first place was to give its customers the chance to purchase and promote cryptocurrency in addition to the vary of property supplied by means of its brokerage, Robinhood Financial.

Robinhood Crypto presently gives seven tradeable cash: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin. 

Brown additionally famous that Robinhood’s crypto workforce has already greater than tripled because the starting of the yr, though it’s not solely clear what number of staffers it presently has on that workforce. There are a variety of crypto-related openings on its careers web site, together with an open “Crypto CFO” function.

The firm is making clear that crypto is a crucial a part of its general business and a part of its mission to democratize entry to the lots.

“All it takes to spend, trade, and store cryptocurrency, theoretically, is an internet connection — you don’t need access to a big line of credit, or startup capital,” Brown wrote. “You don’t even have to be awake at a certain time of day to trade. The crypto market doesn’t close. Crypto was born out of a mission to take power away from institutions and return it to the people.”

Last August, Robinhood raised $200 million more at a brand new, larger $11.2 billion valuation in its third elevate of the yr earlier than submitting to go public in March. The firm has had a tumultuous previous yr or in order that was stuffed with time in front of Congress, bad PR from a user’s suicide and settlements with the SEC.

Meanwhile, TechCrunch additionally reported earlier this week that in the first quarter of 2021, American client cryptocurrency trading big Coinbase grew sharply, producing sturdy income on the identical time. Specifically, the corporate notched income of $1.eight billion in Q1 2021, up from $585.1 million in This fall 2020. Net earnings totaled “approximately $730 million to $800 million,” up from $178.eight million in This fall 2020.

This article was up to date post-publication with some further numbers

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