- Robinhood Crypto noticed 9.5 million clients commerce on its platform in Q1 2021
- The determine for This autumn 2020 was 1.7 million
- Robinhood Crypto was a preferred platform for traders who jumped on the Dogecoin prepare in January and February
9.5 million clients traded on Robinhood Crypto in Q1 2021
Widespread on-line dealer Robinhood has seen an enormous spike within the quantity of shoppers which might be utilizing its Robinhood Crypto service. Based on a brand new post by Robinhood Crypto head of operations Christine Brown, 9.5 million clients used the platform to commerce cryptocurrency within the first quarter of 2021. The determine is especially notable when in comparison with This autumn 2020, the place 1.7 million customers traded crypto on the platform.
Robinhood Crypto noticed quite a lot of exercise in January and February when Dogecoin grew to become a trending matter amongst retail traders who felt empowered by the GME inventory phenomenon. TikTok memes and tweets had been encouraging customers to purchase into Dogecoin to convey its value to $1, and plenty of of those that purchased in did so on Robinhood.
Tom Robinson, the chief scientist at blockchain evaluation agency Elliptic, informed Bloomberg in February that the largest Dogecoin pockets, which at the moment holds 28.5% of all DOGE in circulation, seemingly belongs to Robinhood.
Whereas the “motion” didn’t convey DOGE to $1, the worth of the meme coin did spike greater than 10x between January 27 and February 8.
Robinhood Crypto’s present providing is modest when in comparison with devoted cryptocurrency exchanges – the platform solely permits customers to spend money on 7 completely different crypto belongings, and cash can’t be withdrawn or deposited to the platform. That is just like the providing from PayPal, which launched its cryptocurrency investing function in October final yr.
Revolut, one other mainstream fintech that gives cryptocurrency investing to its customers, introduced yesterday that it listed 11 new crypto assets. The group of newly-listed tokens consists of a lot of DeFi tokens, in addition to Cardano and Filecoin.
Whereas the present Bitcoin and cryptocurrency bull run was arguably kickstarted by institutional traders, there are a number of indications that retail traders at the moment are additionally taking part in an enormous position. Alongside the expansion within the variety of crypto traders on Robinhood, we will additionally cite Coinbase’s not too long ago revealed estimated earnings for Q1 2021 – the corporate revealed that it had 6.1 month-to-month transacting customers within the quarter, in comparison with 2.8 million within the fourth quarter of 2020.