9.5 Million New Crypto Users Added To Robinhood: Report

9.5 million new crypto users were added to Robinhood according to the company’s reports while cryptocurrencies continue surging to new highs so let’s read more in our latest crypto news today.

Robinhood reported a new major growth in the number of users that are trading on their platform, reaching 9.5 million new crypto users added, marking a 558% rise from 1.7 million in the past quarter. Robinhood started offering cryptocurrencies on its platform in 2018 and since then, the offerings grew to include BTC, ETH, DOGE, LTC, and Ripple among others. The company recorded six million new customers on its platform in the first two months of 2021 which is a huge milestone considering the platform only saw an average of 200,000 customers per month. Christine Brown, the head of operations at Robinhood Crypto said:

 “We launched Robinhood Crypto to give our customers the opportunity to buy and sell cryptocurrency — in addition to the range of assets offered through our brokerage… But there’s still a lot of work to be done. Since the beginning of the year, Robinhood’s crypto team has already more than tripled and we’re continuing to grow.”

The platform looks to go public in the upcoming few months and there’s no doubt that the recent success in the cryptocurrency will boost its valuation. The company even raised $200 million in the latest funding round. The Series G tranche valued the stock brokerage at $11.2 billion but for what’s worth, Robinhood had a higher headcount at 9.5 million to the platform alone. It’s important to note that, unlike Coinbase, Robinhood’s business model doesn’t rely on the commissions and fees but its market share and growth could lead to more analysts revising their targeted valuations.

Speaking about the platform, Robinhood’s Vlad Tenev works on creating a crypto wallet and said one will come soon all while talking with his engineers to improve on the platform’s crypto offering. He said that he is “bugging” his team to create a cryptocurrency wallet for the trading platform. Robinhood’s Vlad Tenev said that the company is working on a crypto wallet feature as fast as possible, revealing in a “fireside chat” that was posted on Youtube a day ago.

Tenev’s eagerness to involve crypto on his platform makes sense because its platform already has 6 million new users from the start of the year. The Robinhood Crypto app gives the customers a chance to purchase and sell BTC, ETH, and other cryptocurrencies.