In 2021, Robinhood, a retail company focused on cryptocurrencies, has witnessed an increment of a minimum of 15 times in cryptocurrencies. Robinhood has been operating as a retail-centric trading application, and the company has published that the monthly customers in 2020 of cryptocurrencies have exceeded the average mark of 15.
As per the new report of Robinhood, “Crypto Goes Mainstream”, it has been clearly stated that in January, Robinhood had purchased more than 3 million subscribers, whereas, in February, the number is 2.9 million till now. For instance, Robinhood cryptocurrency user base in 2021 has been expanded up to 6 million till now. On the other hand, the platform had declared that in the last year, the number of users who make transactions through Robinhood Cryptocurrencies was the highest at several 401,000 in July 2020, when the third block award of bitcoin was half of the business deeds. The average number of crypto dealers in the last year was approximately 200,000 in Robinhood. The report also clarified that the average transaction in the platform was $500, an increment of 100% in the first quarter of the last year. Robinhood has been targeting the further expansion of the business. With ambitions to enable deposits and withdrawals for cryptocurrency assets, Robinhood said in a Tweet last week that it is looking to develop its crypto services.
For Robinhood, this year has been particularly explosive. After the platform suspended trading in Dogecoin (DOGE) and stocks that the now-famous Reddit group r/WallStreetBets had boosted, it became the subject of heated debate. Representatives from the House Financial Services Committee of the United States questioned Robinhood’s business model at a congressional inquiry on the incident last week. The platform’s decision to halt trading in GameStop shares appears to have left it $3 billion short of its repayment terms. Vlad Tenev, the CEO of Robinhood, however, blamed the US Securities and Exchange Commission’s laws, which call for a two-day settlement period following trade execution, for the company’s parallelization issues.