Robinhood, which has the popular application of the same name, announced that there has been a doubling of its users who traded cryptocurrencies on its platform in the first quarter of 2021.
In a text published on April 8th, it is noted that 9.5 million users traded cryptocurrencies through the platform during the first quarter, marking a jump in their number since in the last quarter of 2020 the corresponding number was only 1.7 million.
While once again showing the great increase in the interest of the general public in the field of cryptocurrencies, as we saw in the previous days and from the respective quarterly results of Coinbase and Kraken, Robinhood announced that due to this increase, the number of its employees in this sector has tripled since the beginning of the year.
The Robinhood application for the time being covers transactions of seven cryptocurrencies; Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Bitcoin SV, Litecoin, and Dogecoin.
Robinhood, however, has received very strong bad criticism, like last January when it stopped trading various shares. It was also heavily criticised by the crypto community when it suspended cryptocurrency trading immediately after the Gamestop saga. This was the reason, according to many, for the freezing of its plans for the issuance of an Initial Public Offering (IPO).
Finally, the company revealed that last March it applied to the US Securities and Exchange Commission (SEC) for an IPO.
Let’s not forget the case of the Coinbase exchange, which also showed a significant increase in the results of the first quarter and is going to start the public trading of its share in NASDAQ in a few days.