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Home Latest News Business 6M noobs have bought coins on Robinhood Crypto already in 2020

6M noobs have bought coins on Robinhood Crypto already in 2020

Retail-focused trading app Robinhood has revealed the number of new monthly customers buying from its crypto platform this year is 15 times the 2020 average.

 According to the company’s latest report, “Crypto Goes Mainstream,” more than three million new users purchased from Robinhood Crypto in January, with more than 2.9 million new users having bought crypto during February so far. Therefore, Robinhood Crypto’s user base has expanded by 6 million in 2021 so far. 

On the other hand, the platform revealed the largest number of new users transacting on Robinhood Crypto last year was 401,000 in July — when trade activity surged in the lead-up to Bitcoin’s third block reward halving.

 The average number of monthly new crypto traders on Robinhood was nearly 200,000 last year. The report also indicates that an average transaction size of nearly $500 on the platform, an 100% increase when compared to the first three quarters of 2020.

The report concluded: 
“The numbers are clear: 2021 has started with a crypto bang.”  

As reported by Cointelegraph, Robinhood is looking to further expand its crypto services, revealing plans to offer deposits and withdrawals for crypto assets in a Tweet last week. 

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