Robinhood Reports 50% More Active Crypto Users at 9.5 Million Than Coinbase
“It's a big year for crypto,” says Robinhood, whose crypto users grew six-fold from the previous quarter.
Robinhood reported wild crypto-related figures for Q1 as it revealed that 9.5 million customers traded crypto on the online brokerage in the first three months of 2021.
“It's a big year for crypto,” noted the platform.
There is no doubt that Q1 has been an explosive one, with Bitcoin price having its best quarter in eight years with over 100% performance and Ether surging more than 190%. BTC -11.66% Bitcoin / USD BTCUSD $ 49,891.74
-$5,817.38-11.66% Volume 98.68 b Change -$5,817.38 Open $49,891.74 Circulating 18.71 m Market Cap 933.42 b 14 h Almost 90% Respondents Interested in their Insurance Products Having Links with BTC: Survey 16 h Bitcoin Car to Race at the 105th Indianapolis 500 to Support BTC Awareness and Open-Source Development 17 h CME Group Sees 'Strong Adoption' of Micro Bitcoin Futures ETH -11.39% Ethereum / USD ETHUSD $ 3,790.97
-$431.79-11.39% Volume 82.23 b Change -$431.79 Open $3,790.97 Circulating 115.86 m Market Cap 439.2 b 15 h Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface 18 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 18 h Bitwise Launches Crypto Industry Innovators ETF After a Green Light from the SEC
Crypto exchanges and service providers alike have been reporting a great quarter as well. Kraken reported four times as many users sign-ups in Q1 compared to Q2 of 2020, while spot trading volumes on the platform were 1.5 times higher than last year, to reach a record $160 billion.
Zero-commission brokerage provider meanwhile shared that 9.5 million active crypto users were a six-fold rise from 1.7 million crypto traders in Q4 2020.
This makes sense given that in late February, Robinhood has shared that 6 million new users signed up for its cryptocurrency services in the first two months.
Interestingly, Robinhood has about 50% more active crypto users than the biggest crypto exchange in the US, Coinbase, which is going public next week. Coinbase had 56 million verified users but only 6.1 million monthly active users.
What’s even more exciting is Robinhood currently has seven cryptos available for people to trade with no signs of DeFi yet. Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin are the only supporting cryptos.
Last month, CEO Vlad Tenev said they plan to add more coins, but that wallet feature, deposits, and withdrawals are the main priority. For now, Robinhood only allows to buy, sell, and hold cryptocurrencies.
Last month, Robinhood confidentially submitted paperwork to regulators for a U.S. initial public offering (IPO).