In 2020, Robinhood’s cryptocurrency division had an average of about 200,000 new customers trading on its platform each month, according to the company’s blog post.
Nearly 6 million new users have signed up for cryptocurrency services in the first two months of 2021 amid a surge in trading volume and sharp fluctuations in cryptocurrency prices such as Bitcoin and Dogecoin, according to a statement from renowned digital trading platform Robinhood February 25, 2021, cited by a Reuters article.
In 2020, Robinhood cryptocurrency services had an average of about 200,000 new customers trading on its platform each month, according to the company’s blog post
A Robinhood spokesman declined to comment on the total amount of customers trading in the cryptocurrency market through the app, which also offers stock and options trading.
The price of Bitcoin increased by more than 300% in 2020 and this month reached a high of $ 58,354 while the market capitalization jumped from $ 1 trillion.
Dogecoin has also driven a crazy rally driven by the frenzy of micro-investor trading fueled by social media that has pushed up the stock of companies like GameStop.
Dogecoin was created largely to satirize the 2013 cryptocurrency frenzy, it is still traded and its price fluctuates widely.
A tweet earlier this month by billionaire businessman Elon Musk in support of Dogecoin led the currency to rise more than 60%.
Robinhood currently allows customers to buy, sell and hold cryptocurrencies and recently stated that it intends to enable customers to retain and withdraw them in order to transfer them to other “wallets”.
In January, Robinhood angered some of its customers when it temporarily disabled a feature in its app that allowed users to buy instant batteries due to the investment frenzy that accompanied the GameStop case.
Robinhood is expected to make an initial IPO valuation of more than $ 20 billion this year.