Robinhood Sees A 7x Growth In Active Women Cryptocurrency Traders
The numbers are “encouraging and prove that crypto can be a powerful tool in decentralizing power in finance,” says the zero-commission online brokerage.
The number of active female crypto traders has jumped seven times from the end of 2020, contributing to the rapid growth this year on the popular trading app Robinhood.
Zero commission online brokerage is currently under scrutiny over concerns regarding making investing too much like a game.
Robinhood Crypto offers seven tradeable crypto assets, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The company recently reported that 6 million new users signed up for its cryptocurrency services in the first two months of this year.
On Thursday, it shared a blog post showing the encouraging sign of rising diversity in the nascent industry. The company said,
“While women remain underrepresented on Robinhood Crypto compared with our total active customer base, it is notable that 40 percent of Robinhood active women customers are crypto traders.”
The crypto industry is much like the U.S. stock market, which has been dominated by male customers, though the numbers are getting better.
A study has shown that 92% of women would be more interested in crypto assets if there were more educational resources available to them. As such, the company is working on more educational content and adding new features to make crypto easier to use and easier to learn about.
Women make up less than 25 percent of deposits into US brokerage accounts, and Robinhood is excited with the potential crypto has to democratize finance.
The increased figures “are encouraging and prove that crypto can be a powerful tool in decentralizing power in finance,” wrote Robinhood.