The number of users of the Robinhood mobile app for trading cryptocurrencies in the first three months of this year increased from 1.7 million to 9.5 million.
It’s a big year for crypto. In Q1 2021, 9.5 million customers traded crypto on Robinhood Crypto, compared to 1.7 million in Q4 2020. Read about why crypto is core to our mission: https://t.co/4aaCvmksa3– Robinhood (@RobinhoodApp)
The startup explained the dynamics by the growing popularity of cryptocurrencies, noting that the market capitalization reached a psychological level of $ 2 trillion .
An additional driver could have been the hype surrounding the triple-digit rally in GameStop shares and the r / WallStreetBets community on Reddit. His followers on the r / SatoshiStreetBets cryptocurrency market provoked a jump in Dogecoin, which reached 1000% within a day in January .
Launched three years ago, the app supports trading Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
According to Bloomberg , the online broker plans to obtain a loan in order to ensure a stable level of liquidity in anticipation of the placement of shares on the exchange .
As a reminder, the FTX derivatives exchange has added futures contracts for the future value of Robinhood shares to its listing.
In March 2021 in Robinhood announced the addition of service kriptokoshelka and hired former Google top manager. The latter will deal with the settlement of claims from regulators, which may lead to the payment of a fine in the amount of $ 26.6 million .