Robinhood Amasses Significant Gains Through Crypto In Q1

Robinhood Amasses Significant Gains Through Crypto In Q1

Robinhood had been swimming in troubled waters just as the year began. The trading application decided to leave out its users from garnering profits during the volatile stage of the crypto market. Despite revealing that the platform did so keeping in mind the potential losses its users could endure, it went on to receive a lot of backlashes. Nevertheless, the platform announced it was out and about by launching deposit and withdrawal services for crypto.

The prominent trading platform decided to start supporting crypto services back in February 2021 and the firm seems to have garnered notable gains in the Q1 of 2021. In a recent blog post, the trading application gave its users a peek into the profits it made over the last couple of months.

Robinhood Records A Six-Fold Surge In The First Quarter Of 2021

In a recent blog post titled, “How Crypto Fits Into Robinhood’s Mission” the trading platform revealed that it decided to roll out support for crypto addressing the growing demand for the market. The price of Bitcoin [BTC] and several other coins went on to witness significant growth which further lured in an array of investors across the globe. Robinhood’s plunge into the crypto-verse seemed to be timely as it went on to make it big.

The platform reportedly noted over 9.5 million users employing the crypto services provided by Robinhood. This was a great number for the asset as it recorded about 1.7 million users in Q4 of 2020.

While Robinhood currently supports only seven assets including, Bitcoin, Bitcoin Cash [BCH], Bitcoin SV [BSV], Dogecoin [DOGE], Ethereum [ETH], Ethereum Classic [ETC], and Litecoin [LTC], the post went on to address the platform’s interest in crypto. Elaborating on the vision of its founder, Vladimir Tenev and Bajju Bhatt, the post read,

“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.”

Published at Fri, 09 Apr 2021 15:30:00 +0000