Robinhood Says 9.5 Million People Traded Crypto on Its App in Q1
Will Gottsegen, 09 April 2021
The online brokerage service Robinhood said on Thursday that 9.5 million of its customers traded cryptocurrency on its platform in Q1 of 2021.
That’s up from just 1.7 million in Q4 of last year, a 458% spike.
In a blog post, the company chalked up the numbers to crypto’s growing “popularity”: the global market cap of all cryptocurrencies has doubled in the past three months to over $2 trillion.
The blog post also says that Robinhood’s founders are “fascinated by blockchain technology,” and that “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.”
And while it’s certainly true that growth on a popular trading platform like Robinhood may mirror growth in the rest of the market, there may be another contributing effect that the company isn’t pointing out.
