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Online brokerage Robinhood announced on Thursday that the number of users on its platform for the first quarter hit a record level of 9.5 million.
Based on the announcement, the recent number is 6 times higher than the total number in the previous quarter. It shows an unprecedented surge in the number of crypto traders and investors as several crypto assets reach record price levels.
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Robinhood has gained prominence over the past few months as retail investors and other inexperienced investors troupe to invest with the platform. Despite the recent GameStop saga the company experienced, it didn’t seem to impact the number of its users.
Robinhood offers commission-free trading for several major crypto assets, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin SV (BSV), Ethereum Classic (ETC), and Litecoin (LTC). It also offers real-time market data for several other digital assets.
The exponential rise in the value of crypto assets
Some observers feel the increased level of users on Robinhood is not surprising, considering the exponential rise of the cryptocurrency market within the last 6 months.
Earlier this month, the total value of all crypto assets hit $2 trillion, which represents a 100% rise within 3 months.
Bitcoin, the world’s largest cryptocurrency by market cap, has almost doubled in value this year, which was triggered by increased interest from institutional investors.
Bitcoin has also made major impacts this year, with corporate firms like Microstrategy, Square, and Tesla adopting the token in their treasuries.
Central banks are still skeptical
Bitcoin (BTC) and other cryptocurrencies are gradually winning the battle of adoption. But, a major problem is regulatory issues and the skepticism from central banks. However, some analysts have opined that the level of acceptance will increase as crypto assets see more real-world uses both for payments and as a store of value.
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