TL;DR Breakdown
- About six million new traders have joined Robinhood Crypto since this year.
- Robinhood already sees a boom in crypto trading with average new monthly users surging by 15x.
In a recent update on Thursday, the popular American retail trading platform, Robinhood, reported a massive increase in the number of new customers trading digital currencies on its platform – Robinhood Crypto. Although the platform supports a few cryptocurrencies, it reportedly amassed about six million new crypto traders since the start of the year.
Meanwhile, today’s report comes some weeks after Rohinhood got into the news for halting the trading of some stocks and a cryptocurrency during the GameStop saga.
Robinhood Crypto records a 15x increase monthly average users
The trading activities on Robinhood Crypto are already a big one, as the average number of new monthly customers trading cryptocurrencies on the platform has increased by about 15 times since 2021, compared to the record in 2020. This coincides with the growing level of interest in cryptocurrencies globally, amid the massive increases in the price of some digital currencies like Bitcoin, Ether, etc., since the start of the year.
“By comparison, this number peaked at 401,000 in a single month last year, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time during 2020,” Rohinhood precisely noted in the announcement. At the moment, Robinhood Crypto only supports the trading of seven cryptocurrencies, which include Bitcoin, Ether, Litecoin, Bitcoin Cash, Ethereum Classic, Bitcoin SV, and Dogecoin.
Robinhood-GameStop saga
During the GameStop saga, Robinhood suddenly halted the trading of some stocks, including cryptocurrencies like Bitcoin and Dogecoin, amid a massive rush into the market. This sparks concerns amongst many industry players as they couldn’t enter a new buy position on the named cryptos. Regardless, Robinhood is looking to take its crypto services to the next level by including a feature that allows customers to withdraw and deposit coins directly onto the trading platform.
