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Robinhood's new report, “Crypto Goes Mainstream,” indicates that over three million new users purchased crypto in January, with more than 2.9 million new users purchasing the crypto during February so far.
According to the company’s new report, “Crypto Goes Mainstream,”more than three million new users purchased from Robinhood Crypto in January, with more than 2.9 million new users having bought crypto during February so far. The report also mentions a $1,200 average transaction amount on the platform, a 1000% increase on an annual basis.
According to the report, “The numbers are clear: 2021 has begun with a crypto bang.”
?? The report also notes an average transaction size of roughly $500 on the platform, an 100% increase when compared to the first three quarters of 2020. The report concluded:
“The numbers are clear: 2021 has started with a crypto bang.”
Robinhood is looking to further expand its crypto services, revealing plans to offer deposits and withdrawals for crypto assets in a Tweet last week.
This year has been an explosive one for Robinhood, with the platform finding itself at the center of controversy after suspending trade in both Dogecoin and stocks that were being pumped by the now infamous Reddit group, r/WallStreetBets, during January.
Last week’s congressional hearings on the incident saw representatives of the U.S. House Financial Services Committee scrutinize Robinhood’s business model — with the platform’s move to suspend trading in GME shares apparently prompted by the platform falling short of its collateral requirements by $3 billion amid the orchestrated pump.
According to the report, an average transaction on the platform is $500, an increase of 100% year on year. Vlad Tenev has blamed its collateralization issues with U.S. Securities and Exchange Commission regulations mandating a two-day settlement period after trades are executed.
