Popular Trading App Robinhood's Global Expansion Will Be 'Crypto First'
Popular trading app Robinhood has revealed that its international expansion will be “crypto first.” The company said from the regulatory standpoint, crypto is “probably the easiest way to go global.” The trading platform is also looking for compliant ways to list more cryptocurrencies.
Robinhood Becoming ‘Crypto-First’ Company
Steve Quirk, Robinhood’s chief brokerage officer, talked about the firm’s turnaround strategy and crypto in an interview with CNBC last week.
Noting that Robinhood now has seven cryptocurrencies listed, the executive revealed that the platform is trying to find ways to expand the number of cryptocurrencies listed. He described:
We are doing a lot of exploration about finding compliant ways to expand that.
Robinhood currently supports the buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC).
Several executives from Robinhood have said previously that compliance is the company’s top priority. In December last year, the company partnered with the blockchain analytics platform Chainalysis to meet compliance requirements. The company also noted in January that it is important to get a bit more regulatory clarity before listing additional coins.
Quirk added that Robinhood will “also roll out some other features people have been looking for like wallets.” The platform recently began rolling out its crypto wallets to customers. “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” the company said.
The executive further noted:
We also have aspirations to take this brand global and we will do so crypto first
The Robinhood executive emphasized: “I think the path for us to go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.” He concluded:
From the regulatory standpoint and all the facets that come into it, it’s probably the easiest way to go global
What do you think about Robinhood becoming a crypto-first global company? Let us know in the comments section below.
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