Robinhood is a trading platform and application that is geared towards providing financial services to a younger audience. The platform has contributed to the growing mainstream adoption of cryptoassets. On Thursday, the company announced that 9.5 million users had used its network to exchange digital assets during the first quarter of 2021, a sixfold increase from the previous quarter.
Users can buy and sell Bitcoin (BTC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC) via their services. The platform offers live market data for more than a dozen popular cryptocurrencies.
Given the accelerating growth of the crypto industry over the last six months, it comes as no surprise that Robinhood’s crypto branch is expanding. In early April, the total market cap of all cryptoassets which can be regarded as their collected value, had reached $2 trillion, doubling in just three months.
The rise in market cap has been largely fueled by the doubling of Bitcoins price since January. As the trajectory of Bitcoins increase slowed, other cryptoassets increased. According to popular resource and appraisal tool CoinMarketCap, Bitcoin accounts for approximately 45% of the overall market by market capitalisation.
2021 has not come without its setbacks for Robinhood. The company was at the heart of the controversy regarding the GameStop scenario, as a result of the clash between hedgefunds and internet circle walletstreetbets, had resulted in GameStops shares value soaring leading to a surge of popularity. The popularity was artificially cut short as Robinhood added to the controversy by pulling the popular service from its platform. Robinhood’s market perception has plummeted as many consider their choice to pull GameStop and other options as a disservice targeting retail traders, prompting its executives to reconsider their plans for a public listing.
Robinhoods’ release of their first quarter represents a stellar performance and has followed in the footsteps of reputable exchanges and platform such as Coinbase and Kraken.
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