Robinhood, a stock and cryptocurrency trading app, reported a significant increase in the number of users. The indicator was 9.5 million, which is 558% more than in the last quarter.
The ability to trade cryptocurrencies appeared in the Robinhood app in 2018, but it did not gain much popularity – on average, about 200,000 users a month traded digital currencies. However, over the past six months, there has been a significant increase in interest in cryptocurrencies.
If in the IV quarter of 2020 the number of users who traded digital assets was 1.7 million, then according to the results of the first quarter of 2021 the figure increased to 9.5 million. COO of Robinhood Crypto Christine Brown noted:
“We launched Robinhood Crypto to enable our users to buy and sell cryptocurrencies in addition to a wide variety of other assets on our platform. We still have a lot to do and we are actively developing – since the beginning of the year, the team working on cryptocurrency products has tripled and continues to grow. ”
At the end of last year, Robinhood was fined $ 65 million for hiding information from users. The app did not inform traders about the charging of trading fees. In addition, the platform did not fulfill its obligations to find optimal conditions for the execution of client orders.
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