June 21, 2021

Robinhood’s crypto business explodes in the first quarter despite GameStop controversy

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Robinhood, a popular trading app targeting millennials and other inexperienced investors, has become a major hub for cryptocurrencies, offering further evidence that digital assets are garnering mainstream appeal. 

The company reported Thursday that 9.5 million users traded digital assets on its platform during the first quarter of 2021 – a six-fold increase from the previous quarter.

Robinhood provides commission-free trading for several major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC) and Ethereum Classic (ETC). It provides real-time market data for nearly a dozen more digital assets.

That Robinhood’s crypto business is on the rise is hardly surprising given the size and growth rate of the crypto market over the past six months. The combined value of all cryptos reaching $2 trillion in early April, having doubled in just three months.

A huge chunk of those gains was catalyzed by Bitcoin’s nearly twofold increase since January. As Bitcoin’s gains moderated, altcoins have taken over. Cryptos not named Bitcoin now account for roughly 45% of the overall market, according toTitle: Robinhood’s crypto business explodes in the first quarter despite GameStop controversy
Sourced From: cointelegraph.com/news/robinhood-s-crypto-business-explodes-in-the-first-quarter-despite-gamestop-controversy
Published Date: Thu, 08 Apr 2021 22:30:00 +0100