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Robinhood announced that the number of customers trading digital assets on its Robinhood Crypto platform soared by over 450% to 9.5 million in the first quarter, from 1.7 million reported a year ago.
This year has been “a big one” for Robinhood Crypto, the company says, as traders rushed to invest in Bitcoin and other cryptocurrencies amid a surge in digital assets acceptance.
Tesla, Mastercard, Visa, and PayPal, are some of the major companies that have embraced crypto lately.
Robinhood Crypto currently offers seven tradeable coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
“Our founders, Vlad and Baiju, have a similar philosophy when it comes to disrupting tradition in the finance industry and making it accessible to everyone. They were fascinated by blockchain technology and the promise it held in democratizing access to global payments. The prospect of an open and decentralized global financial system, one where everyone can have access to financial services, strongly aligned with Robinhood’s mission–so democratizing cryptocurrency trading felt like a natural next step,” the company said in a press release.
The trading business has continued to invest in its crypto products with Robinhood’s crypto team already tripling to help with the surging demand for trading digital assets.
In a recent interview with Bloomberg, Tenev said that his company is working to hire a “ton” of people for its crypto operations.
“One thing that we’re probably not doing as great of a job communicating to customers is just how cost effective our offering is. If you trade on Coinbase, or some of these other, kind of smaller outfits, you’re paying 1%, 2%, even more,” he said.