Robinhood adds six million new users to its crypto platform in first two months of 2021
February 25, 2021, 3:31PM EST
1 min read
Robinhood has added six million new customers to its crypto platform since the beginning of 2021, the mobile financial services company announced on Thursday.
According to the announcement, Robinhood Crypto, which launched nearly three years ago, drew more than 2.9 million new traders in both January and February. The highest number of traders in any month in 2020 was 401,000. The average transaction size during these two months was $500, according to the post.
Robinhood has faced recent backlash for suspending trading for several stocks including GameStop and AMC after their prices increased significantly because of retail trading social media groups. The platform later decided to "allow limited buys" of these stocks.
Robinhood Crypto currently allows users to trade seven coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
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