Robinhood Reported 9.5 Million People Traded Crypto In Q1

Robinhood reported 9.5 million people traded crypto on the app in the first quarter of the year which is an increase of 458% from the 1.7 million in Q4 in 2020 so let’s read more in today’s crypto news.

The brokerage app Robinhood reported 9.5 million of the customers traded crypto in the first quarter of the year but the historic crypto market bull run with GameStop could have something to do with it. In a blog post, the company expressed the numbers and connected them to the crypto’s growing popularity as the global market cap of all cryptos doubled in the past three months to over $2 trillion.

The blog post outlined that Robinhood’s founders were fascinated by blockchain technology and that the prospects of the open and decentralized global financial system where everyone can have access to the financial services that are strongly aligned with the mission of the company. While it is true that the growth on a trading platform like Robinhood can mirror the growth on the rest of the market, there could be another effect that the company isn’t really commenting on.

In late January, the stock traders used the Reddit message board r/WallStreetBets to boost the price of the GameStop stocks as well as the ones of Blackberry and AMC.
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When Robinhood responded to halting the trades on the stocks, most of the traders turned their attention to cryptocurrencies like Dogecoin with the price of the coin spiking up after the social media endorsements from Tesla’s CEO Elon Musk. Robinhood restricted crypto trading as well. The company is facing dozens of lawsuits from unhappy customers and some of which believe in market manipulation. However, despite the negative attention as the app enjoyed a huge surge in crypto activity.

Also as recently reported, 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.