Robinhood has experienced a rapid surge of cryptocurrency trades in Q1, 2021 as 9.5 million customers began trading cryptocurrencies, compared to 1.7 million in Q4, 2020, said Christine Brown, Robinhood’s Head of Crypto Operations. As of press time, Robinhood supports bitcoin (EXANTE: Bitcoin), ethereum (ETH), bitcoin cash (BCH), bitcoin SV (BSV), dogecoin (DOGE), ethereum classic (ETC), and litecoin (LTC).
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Brown added the cryptocurrency arm of Robinhood has tripled since the beginning of the year. However, it remains unclear how many new employees the brokerage firm has on the cryptocurrency team. Robinhood's activity on the cryptocurrency market comes after the company's CEO Vlad Tenev said earlier the brokerage will expand its cryptocurrency services by hiring a "ton" of new people.
Despite such a motivation, the Robinhood CEO admits the company might need a few more months to recover from the reputational hit it took in January as the company blocked hyped stocks because of a trading craze triggered by a Reddit community. Tenev also noted the company will not list new cryptocurrencies until it is certain that the new "wallet" feature is safe enough.
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