Bitcoin, Dogecoin brings 6M new signup for Robinhood

Robinhood added 6M new users in last 2 months

Cryptocurrency exchange brokerage platform Robinhood (RH) on Thursday said six million new users signed up for its crypto services in the last two months of 2021 amid higher retail trading volumes and sharp rises in the prices of cryptocurrencies like Bitcoin (BTC) and Dogecoin (Doge).

In 2020, Robinhood’s crypto division averaged about 2,00,000 new customer trading on its platform per month, the company said in the blog post.

A Robinhood spokesperson declined to say how many overall customers trade cryptocurrencies through the Robinhood App, which also offers stocks and option tradings.

The price of Bitcoin rose more than 300% in 2020 and and this month hit a record high of $58,354 with a market capitalization above $1 trillion, but has since come off its high.

Dogecoin has also soared in value, getting swept up in the social media fueled retail trading frenzy that has driven up the price so-called meme stock, such as GameStop Corp.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, but can still be bought and sold on digital currency exchanges and its price can be volatile.

A tweet earlier this month by Tesla CEO Elon Musk in support of Dogecoin, which is based on a popular internet meme, sent the cryptocurrency up more than 600%

Robinhood currently allows customers to buy, sell and hold cryptocurrencies, and recently said it plans to give customers the ability to deposit and withdraw them for transfers to other wallets like Binance as well.

In January, Robinhood angered some of its customers when it temporarily disabled a feature of its app that allowed users to instantly buy crypto securities due to volatile market conditions sparked by the GameStop trading frenzy.

Robinhood is expected to go public this year, with a value of more than $20 billion.

(With inputs Reuters)

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