GameStop may have exposed Robinhood to criticism, but that has not stopped crypto traders from flocking to the platform. In its latest reports on trader data, the platform states that the number of crypto traders jumped from 1.7 million to 9.5 million in Q1 of 2021. This represents a six times increase compared to Q4 of 2020.
The surge in crypto users comes even though it is not a complete crypto trading platform like Coinbase, Binance, and the rest. The platform only offers seven cryptocurrencies. However, due to the growing demand for crypto, the platform has indicated that it intends to double the number of cryptos that can be traded on it.
While announcing the increased uptake of cryptos on its platform, Robinhood also stated that it had tripled the number of crypto-related team members to its platform.
Besides expanding its crypto holdings, the company has stated that it was creating a more democratic cryptocurrency trading process. The whole idea is to have Robinhood have more diverse trading features on its platform.
The announcement about the expansion of crypto activities comes at an exciting time when the crypto is preparing to go public. If the IPO is successful, Robinhood will be among the many crypto-relatedtrading platforms planning to go public. Its success could trigger a series of other IPOs of crypto exchanges and other crypto-related platforms. It’s also a pointer that crypto has finally gone mainstream, and adoption is happening fast.