Robinhood has disclosed the number of new monthly customers that have made acquisitions from its crypto platform, and it is 15 times the average for 2020.
The company’s report, titled “Crypto Goes Mainstream,” mentions that over three million new users have bought from Robinhood Crypto in January 2021, while 2.9 million new users have done the same in February. This means that the user base for Robinhood Crypto has grown to 6 million in just two months.
That is a stark contrast with the largest number of new users registering a transaction on Robinhood Crypto in 2020 – 401,000 in July.
On average, the number of monthly new crypto traders on the platform was 200,000 in 2020. The report also mentions an average transaction size of about $500 on the platform, which represents an increase of 100% compared to the first three quarters of the previous year. The report concludes: “the numbers are clear: 2021 has started with a crypto bang.”
Naturally, Robinhood wants to expand its crypto services, and it disclosed that it wanted to offer deposits and withdrawals for crypto assets a week ago.
2021 has been quite the year for Robinhood, with the platform finding itself in hot water after it suspended the trading of Dogecoin and stocks that were pumped by the Reddit group r/WallStreetBets in January.