The company says the surge is proof that cryptocurrencies have gone mainstream.
Robinhood says that more than six million new customers have signed up for its crypto service since the start of the year — with the company declaring the surge as proof that digital assets have gone mainstream.
To put this figure into context, the trading app saw a monthly average of 200,000 customers joining the platform during 2020.
Robinhood says it now supports seven cryptocurrencies, and that its users have an average transaction size of about $500.
February’s sign-ups suggest that users are being exceedingly forgiving of Robinhood after suffering a PR disaster in the wake of the GameStop short squeeze, with the trading app facing criticism after limiting the purchase of GME shares.
Kraken Seeks New Funding
In other exchange news, Bloomberg News is reporting that the Kraken exchange is in talks to raise new funding from the likes of Fidelity, General Atlantic and Tribe Capital.
Sources claimed that this could help the exchange secure a valuation of $10 billion — and depending on demand, this could even reach $20 billion.
In an S-1 regulatory finding, the company also disclosed that it secured a healthy profit of $322 million in 2020… a stark contrast to the $30 million loss it chalked up in the previous year.