Robinhood Prepares for Expansion in the Crypto Market

Robinhood CEO has said the company is working to strengthen its presence in the cryptocurrency market by listing new assets and expanding the development team.

March 19, 2021 | AtoZ Markets – Robinhood is working to expand cryptocurrency support on its platform. The head of Robinhood, Vlad Tenev, said this during an interview on the online broker’s YouTube channel.

Robinhood plans to add more cryptocurrency pairs

According to Tenev, the company does not plan to add support for new cryptocurrencies until it is confident in the security of digital wallets. However, Tenev did not specify what kind of cryptocurrencies Robinhood would add.

He also added that the company will hire a “crowd” of people for the cryptocurrency market department. At the same time, the online broker is already thinking about how to bypass competitors while maintaining the profitability of services.

The head of the popular investment app for millennials admitted that it could take a few more months for the company to recover from the reputational blow. Recall that at the beginning of the year, users of the American service Reddit decided to for fun inflate the shares of unprofitable companies.

Thus, in just two weeks, the value of GameStop shares soared from $18 to $157. The excitement led to the fact that Robinhood had to stop trading, and in some cases even sell hype shares bought by clients.

Notably, the online broker launched a campaign to raise capital amid the distribution of “helicopter money” in the United States. The company said that they regularly conduct such initiatives, but they could not specify how often.

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