Cryptocurrency Trading on Robinhood has Experienced 450% Growth in Q1 2021
As per the latest reports, Robinhood has revealed that it has observed an enormous amount of growth in cryptocurrency trading. The trading firm has revealed that to be more precise, it has experienced a 450% increase in the cryptocurrency trading volume. The firm has confirmed that these stats have been generated just for the first quarter of the year 2021.
The firm has revealed that the 450% increase it has experienced is compared to the performance from the fourth quarter of 2020.
Robinhood is one of the tops and widely adopted cryptocurrency brokerage applications that is based in the United States. The firm has also revealed that its total user base has increased four times more than what it used to be back in Q4 2020.
The analytics team revealed this information to the entire cryptocurrency community via a blog post on Thursday, April 8, 2021. In the blog post, the Robinhood team has confirmed that the total number of users performing cryptocurrency trades in Q1 2021 was 9.5 million users.
The firm has revealed that in the fourth quarter of the year 2020, it only had 1.7 million users performing trades for cryptocurrencies.
Robinhood has attributed this increase in the trading volume and user base for cryptocurrencies to the popularity of the industry. Similar to other cryptocurrency firms, Robinhood has revealed that the entire crypto-industry has experienced a lot of growth in the past couple of years.
The industry has been gaining a lot of adoption and investments, and this is the reason why more investors are coming to the trading platforms for cryptocurrencies.
The firm has also revealed that due to such a high number of trades in cryptocurrencies, it also had to increase the cryptocurrency team on its platform.
In order to meet the requirements, queries, and expectations of the users, Robinhood has increased its team for cryptocurrencies by three-fold.
Robinhood hails as one of the most secure, convenient, and highly reliable platforms for cryptocurrency trading. The platform allows users to perform efficient, cheap, and simple trades in the cryptocurrency sector.
For now, Robinhood is known for supporting trades and exchanges for only seven cryptocurrencies. The cryptocurrencies currently being offered by Robinhood include Dogecoin, Litecoin, Bitcoin SV, Ethereum Classic, Bitcoin Cash, Ethereum, and Bitcoin.
Robinhood has claimed that this is not the first time it has experienced such a spike and growth in terms of crypto-adoption, trading volume, and other crypto-related activities.
In the month of February 2021, Robinhood reportedly had more than 6 million cryptocurrency users join the platform.
Ever since the spike in cryptocurrency trading, Robinhood has ended up getting stuck between many controversies. Back in January 2021, Robinhood received a lot of backlash from the cryptocurrency community when it reportedly halting trading for GameStop (GME) stocks.