The Big Picture: Robinhood, a financial services firm known for offering commission-free trades for stocks and ETFs, added cryptocurrency to its platform nearly three years ago, but the service didn't take off until this year. The company revealed this week that it has received more than six million new customers on Robinhood Crypto so far this year.
In comparison, the number of new crypto clients in Robinhood peaked at 401,000 in one month last year with a monthly average of around 200,000 users trading on the platform for the first time in 2020.
Robinhood considers itself a platform for all investors, regardless of how much money they have to invest. So far this year, the average transaction volume has been around $ 500, or slightly more than twice what it was on the average during 2020, undoubtedly as a result of increased interest in cryptocurrencies and Influenced trading on Reddit From stocks like GameStop, AMC, and BlackBerry.
Robinhood currently supports seven cryptocurrencies including Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, Ethereum, Ethereum Classic and Dogecoin.
Bitcoin, the largest cryptocurrency by market cap, crossed $ 58,000 early this week but has since fallen to around $ 46,750 as of writing. It appears the volatility hasn't been deterred by companies like Square and MicroStrategy Pumping money into crypto. Square said in its latest earnings report that it bought another 3318 Bitcoins for $ 170 million while MicroStrategy acquired 19452 Bitcoins this week for $ 1.026 billion in cash.
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