The population of crypto users on RobinHood is growing at high rates. This indicates excellent success for the creators of RobinHood and also for the crypto-verse as well.
Just today, a blog post uploaded earlier titled “Crypto goes Mainstream” revealed that the retail crowd cryptocurrency trade app had seen a spike in user population by about 6 million since the beginning of the year. This does not just indicate higher earnings for the exchange but a growing acceptance of cryptos.
Notably, this population is revealed to be about 15 times that seen in the year 2020.
https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ivSGKtzw29CY/v0/-1x-1.png
Impressively, this was possible even after the halted operations on the exchange at the beginning of the year. It was due to heavy traffic and high demand on the crypto platform that caused the temporary shutdown.
I think this is amazing, seeing as the platform supports only seven currencies. With limited currency support, it is by far impressive how an alarmingly high population was still patronizing.
Similarly, Kraken and Coinbase had their temporary shutdowns earlier this year. This was also due to the high demand for crypto services.
“By comparison, this number peaked at 401,000 in a single month last year, with a monthly average of about 200,000 customers trading on Robinhood Crypto for the first time during 2020.”
The study also pointed out higher trading values on RobinHood. Users are now trading about $500 on average, whereas last year, transaction amounts were $200-$250. Doubled transaction amounts equal higher earnings for the exchange, a bullish sign for the future platform.
This goes to show how successful the exchange has been so far. RobinHood is known for its user and beginner-friendly interface. It is a great platform for those that are new to cryptocurrencies. Therefore, a suitable choice for both beginners and expert traders and investors.
Lastly, since the beginning of the year, currencies have seen significant bull runs and, just recently, some bearish results. Nevertheless, I think the year is good for crypto in general. An increase in users is only essential to drive the future towards extensive crypto advancements.
Crypto is heading towards brighter days. As digital assets continue to rake in heavy usage, mainstream acceptance is only inevitable. The retail crowd and institutional bodies alike are making sure of this.
