The Chief Operating Officer of popular crypto app, Robinhood, Gretchen Howard said the platform is prioritizing the growth of the company’s client base with much concentration on making crypto a tradable entity for women.
Howard declared that the percentage of women using the trading app had recorded tremendous growth, representing a 369% increase compared to the previous year as reported in a recent interview. Labelling it as a landmark achievement, she added that the firm has been able to break the cliche that crypto trading is restricted to men alone.
The Robinhood’s COO also went on to reveal that she also holds some crypto assets herself. Earlier this year, she had stated that she wanted to see “a significant increase of women investors on the platform.”
Per the company’s data, almost 30% of its active client base are women. And with a customer base of over 30 million, this means that the company has as many as 10 million women trading on its app.
The recent declaration by the crypto firm’s top executive is in line with an earlier report from Gemini which stated that more women are now interested in trading crypto for the first time than men.
Robinhood Faces Another Fine From New York Authorities
In other news, the crypto division of the popular trading app, Robinhood, has been ordered to pay a minimum fine of $10 million to the coffers of New York for violating laws pertaining to cybersecurity and anti-money laundering.
Depending on the ongoing investigation into its security practices, the fine to be paid could reach as high as $15 million.
Already, the organization had received an earlier order to pay a $70 million fine by the Financial Industry Regulatory Authority (FINRA) who had found the firm culpable of “widespread and significant harm” to its customers.