Robinhood is a financial services company that is popular for its commission-free trades of stocks and EFTs. About three years ago, it has added cryptocurrency to its platform. But now, this week, the company claims more than six million new customers to Robinhood Crypto in 2021.
The number of new crypto customers on Robinhood hit 401,000 in only one month in 2020 with an overall monthly average of about 200,000 users trading on the platform. It happened for the first time in Robinhood Crypto history.
As a platform, Robinhood itself bills for all investors, no matter how much money they are interested to invest. Until now in 2021, the average transaction size has been found $500 or a bit more than double the average in the last year. It is surely an outcome of the more interest in crypto and Reddit-influenced trading of stocks such as AMC, GameStop, and Blackberry.
No doubt, Bitcoin is the largest cryptocurrency by market cap. Early this week, it topped $58,000 but has since dipped to about $46,750 as of writing. Audacious by the fluctuations, companies like Square and MicroStrategy keep investing their money into the crypto. According to the recent earning report of Square, it again purchased 3,318 Bitcoins for $170 million. While this week MicroStrategy owned 19,452 Bitcoins for $1.026 billion in cash.