Robinhood, a well-liked buying and selling app concentrating on millennials and different inexperienced buyers, has grow to be a serious hub for cr
Robinhood, a well-liked buying and selling app concentrating on millennials and different inexperienced buyers, has grow to be a serious hub for cryptocurrencies, providing additional proof that digital property are garnering mainstream attraction.
The corporate reported Thursday that 9.5 million customers traded digital property on its platform throughout the first quarter of 2021 – a six-fold improve from the earlier quarter.
Robinhood offers commission-free buying and selling for a number of main cryptocurrencies, together with Bitcoin (BTC), Bitcoin Money (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC) and Ethereum Traditional (ETC). It offers real-time market knowledge for practically a dozen extra digital property.
That Robinhood’s crypto enterprise is on the rise is hardly shocking given the dimensions and progress fee of the crypto market over the previous six months. The mixed worth of all cryptos reaching $2 trillion in early April, having doubled in simply three months.
An enormous chunk of these positive aspects was catalyzed by Bitcoin’s practically twofold improve since January. As Bitcoin’s positive aspects moderated, altcoins have taken over. Cryptos not named Bitcoin now account for roughly 45% of the general market, in response to CoinMarketCap knowledge.
However 2021 hasn’t been fully optimistic for Robinhood. The corporate was embroiled in controversy after deciding to droop buying and selling of GameStop and different shares that had grown in reputation amongst retail merchants. Because of this, public opinion of the corporate tanked, forcing its executives to rethink their plans for a public itemizing.
Regardless of the controversy, Robinhood is shifting forward with its preliminary public providing, in response to paperwork it filed with america Securities and Trade Fee final month. Though the corporate didn’t specify when its IPO would happen, it confirmed that the providing would go forward “after the SEC contemplates its evaluation course of, topic to market and different circumstances.”
Robinhood joins crypto-focused exchanges Coinbase and Kraken in reporting stellar first-quarter outcomes. As Cointelegraph lately reported, Kraken seems poised to observe in Coinbase and Robinhood’s footsteps in pursuit of a public providing, maybe as early as subsequent 12 months.