Robinhood, a mobile financial services company, announced that 6 mln new clients have signed up for the platform's crypto services since early 2021. Launched almost three years ago, Robinhood Crypto attracted over 2.9 mln new traders in both January and February, according to the announcement. The largest number of traders per month in 2020 was 401,000 people. The average transaction size over these two months was $500.
Coinbase said it ended 2020 with 43 mln retail users, up from 32 mln at the end of 2019. Moreover, Coinbase has attracted 7,000 institutional customers, which could be even more lucrative than retail users. Institutions are less likely to trade on platforms like Robinhood.
In January, Robinhood temporarily blocked the ability to instantly buy cryptocurrency assets in its application, which caused customer dissatisfaction. The temporary block was triggered by unstable market conditions caused by the sudden rush around GameStop and ACM shares. Robinhood Crypto currently allows users to trade seven coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.