9.5 million Robinhood users traded cryptocurrencies in the first quarter, compared to 1.7 million in the final quarter of 2020 | Currency News | Financial and business news

Vladimir Tenev, co-founder of Robinhood.

Noam Galai / Getty Images for TechCrunch

• According to Robinhood, the number of customers trading cryptocurrencies on their platform reached 9.5 million in the first quarter.
• The quarterly number is an increase of 1.7 million cryptocurrency customers in the final quarter of 2020.
• Robinhood’s update highlights the rapidly growing popularity of digital assets.
• You can find more articles on Insider’s business page.

Trading app Robinhood said 9.5 million customers traded cryptocurrency in the first quarter of 2021, up from 1.7 million crypto traders on the platform in the final quarter of 2020.

Robinhood shared the number in a blog post on Thursday highlighting its Robinhood crypto platform, which it launched in 2018. “This year was a particularly big one,” it said of the activities in 2021.

This year there has been an increase in the number of financial institutions and other companies providing their customers with the use or access to cryptocurrencies and the blockchain technology that supports them. Investment bank Goldman Sachs is looking for ways to support its customers’ desire for cryptocurrencies and other digital assets, CEO David Solomon said Tuesday in a CNBC interview with Squawk Box. Elon Musk, CEO of Tesla, said last month the electric vehicle maker will accept Bitcoin as a method of payment.

According to Robinhood, its customers have access to seven tradable coins, including Bitcoin, Dogecoin, and Ethereum.

“The prospect of an open and decentralized global financial system where everyone can have access to financial services is heavily aligned with Robinhood’s mission. Democratizing cryptocurrency trading therefore seemed a natural next step,” said Robinhood.