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Robinhood Reports Six-Fold Increase in Crypto Traders in Q1 2021

Robinhood Reports Six-Fold Increase in Crypto Traders in Q1 2021

A U.S.-based financial services provider, Robinhood, has declared an increase in the number of crypto traders. Robinhood Crypto is recently providing trading services in several digital currencies. It involves Bitcoin, BCH, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. As per the official announcement, over 9.5 million consumers traded cryptocurrency assets on Robinhood Crypto through the first quarter of 2021, a vital increase from 1.7 million in Q4 of 2020. The company announced that it witnessed a six-fold increase from the previous quarter.

Established in 2013 by Vladimir Tener, Robinhood has achieved a tremendous following amongst retail traders worldwide. The financial trading platform got some criticism in January 2021 when the company momentarily hindered some of its app features linked to the trading of few stocks and cryptocurrency assets among price volatility. However, the remarkable growth reveals that investors still demand an accessible trading app like Robinhood, notwithstanding its backlash.

Robinhood to Offer Additional Crypto Features

However, Robinhood isn’t a comprehensive crypto trading app. It only provides seven of the most famous assets. But it plans to double down on its crypto offerings. The post elucidates that its crypto team has tripled since the commencement of the year. It also asserts that it desires to democratize cryptocurrency trading. However, crypto traders are doing a good job. The gist of the blog post is that Robinhood will provide more crypto-focused features in the coming future.

This comes as Robinhood intends to go public with an IPO (Initial Public Offering). Robinhood is going ahead with its IPO, as per the paperwork it registered with the U.S. SEC last month. Although the company didn’t disclose when its IPO would occur, it verified that the offering would go forward once the SEC envisions its review process, subject to market and other conditions. Robinhood joins crypto exchanges Coinbase and Kraken in announcing stellar first-quarter results. Kraken seems poised to join Coinbase and Robinhood to pursue a public offering, possibly as early as next year.

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