Robinhood’s crypto-platform user base grew by a factor of 5.6 in Q1

The number of users of Robinhood’s mobile app for cryptocurrency trading rose in the first quarter of this year from 1.7 million to 9.5 million.

It’s a big year for crypto. In Q1 2021, 9.5 million customers traded crypto on Robinhood Crypto, compared to 1.7 million in Q4 2020. 💥 Read about why crypto is core to our mission: https://t.co/4aaCvmksa3

— Robinhood (@RobinhoodApp) April 8, 2021

The startup explained the dynamics behind the growing popularity of cryptocurrencies, noting the market-cap milestone at $2 trillion.

Another driver could have been the buzz around three-digit growth in GameStop’s shares and the Reddit community r/WallStreetBets. Its followers on the crypto market, r/SatoshiStreetBets triggered a surge in Dogecoin, which in a 24-hour period in January rose by 1000%.

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

According to Bloomberg, in anticipation of IPO on the exchange, the online broker plans to obtain a loan to ensure a stable level of liquidity.

Earlier, the derivatives exchange FTX added to listing futures contracts on Robinhood’s future stock price.

In March 2021, Robinhood announced the addition of a cryptowallet to the service, and hired a former Google executive. The latter will handle regulatory settlements that could lead to a penalty of $26.6 million.

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