Robinhood Crypto Platform Audience Grows by 6 Million in January–February

The number of users of the Robinhood mobile app for trading cryptocurrencies rose by 6 million in the first two months of this year.

First-time buyer? Long-term #HODLer? 🚀 This year, six million of you used Robinhood Crypto for the first time to buy and sell #crypto. We fully intend to provide the ability to deposit and withdraw cryptocurrencies.💥 Learn more: https://t.co/8VQhKtWB32 pic.twitter.com/rwsVdlNIg3

— Robinhood (@RobinhoodApp) February 25, 2021

For comparison, Robinhood Crypto’s average monthly user growth in 2020 stood at 200,000 users, and by July it was twice as high.

Data: Robinhood.

Client transaction sizes during this period ranged from $200 to $750, averaging about $500.

Data: Robinhood.

Launched three years ago, the app supports trading Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin.

Elliptic researchers suggested that Robinhood may own a wallet containing 28% of Dogecoin’s supply.

Earlier, Elon Musk described the issue as “too much concentration” of the coins and proposed to pay Dogecoin whales to cancel their accounts.

At the end of January, Robinhood was accused of colluding with hedge fund Melvin Capital and market maker Citadel after halting trading of several assets amid the GameStop stock pump.

At U.S. congressional hearings, co-founder Vlad Tenev denied this.

In late 2020, Robinhood agreed to pay $65 million to settle regulator claims.

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