Robinhood Atracted 1 Million Users In Just 4 Days

Robinhood Atracted 1 Million Users In Just 4 Days

News that people are crazy for cryptocurrencies hardly ever surprise anyone. Despite that, there is evidence from all over the world that more investors are going on board and the rapid growth in of interest hasn’t slowed down a bit.

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News that people are crazy for cryptocurrencies hardly ever surprise anyone. Despite that, there is evidence from all over the world that more investors are going on board and the rapid growth in of interest hasn’t slowed down a bit.

The most recent case of tremendous interest is the 1 million new accounts opened in Robinhood. The trading app announced last week that it is launching no-fee crypto trade service and since then 1 million new users have joined the waitlist for Robinhood Crypto. The new feature enables customers to trade with ethereum and bitcoin starting in February.

Initially, the service would be available in the states of California, Montana, Massachusetts, Missouri and New Hampshire but then again the announcement managed to create a hype. If those 1 million new accounts turn into regular users, the user base of the platform would increase by 30%. According to Tom Lehrkinder, the community is still going stronger despite recent hacks, frauds and theft news.

Many believe that the tremendous interest in cryptospace is due to Bitcoin’s famous surge in price last year. It looks like many people hope the experience similar boost to the one from $1000 to $19 000. Coinbase, the largest US crypto exchange, went to something similar to what Robinhood is living now in 2017. The enormous number of users blocked the exchange and at some point, trade was put on hold.

A research from fall 2017 showed some interesting results. Harris Poll and Blockchain Capital carried the survey and it revealed that about 33% of millennials prefer to invest in crypto assets instead of traditional stocks. The results are in line with Robinhood’s data that shows that 78% of Robinhood’s users are aged 18-35.

If Robinhood is to gain massive popularity among crypto traders its team should expect many technical difficulties. For example, last year Coinbase barely coped with the ever growing user demand, which led to several periods when the trade was unavailable. However, the co-founder of Robinhood, Vlad Tenev, is sure his company can handle the demand.

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