- Robinhood mentioned the variety of clients 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 clients within the ultimate quarter of 2020.
- Robinhood’s replace highlights the fast-growing recognition of digital property.
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Buying and selling app Robinhood mentioned 9.5 million clients traded cryptocurrency through 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 put up on Thursday through which it highlighted its Robinhood Crypto platform that it launched in 2018. “This 12 months particularly has been an enormous one,” it mentioned about exercise in 2021.
There’s been a pickup this 12 months within the variety of monetary establishments and different corporations saying they may enable their clients to make use of or to realize entry to cryptocurrencies and the blockchain expertise that backs them. Funding financial institution Goldman Sachs is wanting into methods to assist their purchasers’ want to personal cryptocurrencies and different digital property, CEO David Solomon mentioned Tuesday in a CNBC “Squawk Box” interview. Tesla’s CEO Elon Musk final month mentioned the electrical car maker will accept bitcoin as payment.
Robinhood mentioned its clients 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,” mentioned Robinhood.