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Despite GameStop Controversy, Robinhood's Cryptocurrency Trading Company Sky-Rockets in First Quarter

By Mark L - Cryptocurrency Specialist - 08/04/2021

Robinhood, an app aimed at millennials and other investors, has become a powerful cryptocurrency exchange platform, that is contributing toward digital assets gaining mainstream appeal. On Thursday, the company announced that 9.5 million users exchanged digital assets on its network during the first quarter of 2021, a sixfold rise from the previous quarter.

Users can buy and sell Bitcoin, Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether, Litecoin (LTC), and Ethereum Classic, commission-free via Robinhood (ETC). It offers real-time market data for more than a dozen additional cryptocurrencies.

Given the size and growth rate of the crypto industry over the last six months, it is not surprising that Robinhood's crypto business is expanding. In early April, the total amount of all cryptocurrencies had reached $2 trillion, having doubled in just three months.

Bitcoin's nearly twofold rise since January fuelled a large portion of those gains. However, as Bitcoin's gains slowed, altcoins increased. According to CoinMarketCap numbers, cryptocurrencies other than Bitcoin now account for roughly 45% of the overall market.

2021 has not been entirely fruitful for Robinhood. The company became embroiled in controversy after agreeing to suspend trading in GameStop and other stocks that had risen in popularity among retail traders. Robinhood's market perception has plummeted, prompting its executives to reconsider their plans for a public listing.

Robinhood has announced, alongside Coinbase and Kraken, their stellar first-quarter performance. As Cointelegraph recently announced, Kraken appears self-assured to follow in the footsteps of Coinbase and Robinhood in pursuing a public offering, possible even as early as next year.

If you would like to Buy and Sell cryptocurrency, you can head over to BC Bitcoin to register an account to start investing today.


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