Robinhood Aims to Go Global with Crypto-First Strategy
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Robinhood Aims to Go Global with Crypto-First Strategy

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9 months ago

All of this comes as Robinhood explores new ways to expand the number of cryptocurrencies it supports.

Robinhood Aims to Go Global with Crypto-First Strategy

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Robinhood has revealed that it's planning to go global with a "crypto-first strategy."

That's according to the trading platform's chief brokerage officer Steve Quirk, who has recently jumped ship from TD Ameritrade.

All of this comes as Robinhood explores new ways to expand the number of cryptocurrencies it supports — with one of its primary concerns ensuring that this growth is achieved without annoying regulators. At present, seven coins are offered to users.

Many crypto enthusiasts have been exasperated by the fact that Robinhood is yet to list SHIBA INU — and despite more than 550,000 users signing a petition calling on the company to do so, there's no sign of the asset being added any time soon.

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Tough Times

Quirk's interview, given to CNBC, matches up with Robinhood's stated goals in a recent earnings report. The company, which listed on the stock market last year, he said:

"Robinhood has set aggressive goals to start opening its crypto platform up to customers internationally in 2022. The company believes in the immense potential of the crypto economy and sees a big opportunity in serving customers across the globe."

Crypto wallets are also being trialed right now — but only 1,000 customers on a waitlist are currently eligible to try the product, and daily withdrawals are restricted.
Overall, the trading platform made a net loss of $423 million in Q4, and believes revenue growth in the first quarter of 2022 will be disappointing to say the least.

It doesn't help matters that these results will be compared with the same period a year earlier, which is when GameStop and Dogecoin mania was dominating the markets.

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