(Reuters) – Online brokerage Robinhood said on Thursday that 9.5 million users traded cryptocurrency on its platform during the first quarter of 2021, soaring nearly six-fold from the previous quarter.
Cyrptocurrencies are finding wider acceptance with a growing list of firms investing in or holding bitcoin, including electric-car maker Tesla Inc, BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.
The price of bitcoin, the world’s biggest cryptocurrency, rose more than 300% in 2020 and last month hit a record high of $61,781.83, but has since come off its highs.
Robinhood currently allows customers to buy, sell and hold cryptocurrencies, and had said it plans to give customers the ability to deposit and withdraw them for transfers to other wallets as well.
Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D’Silva and Vinay Dwivedi
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
This news is originally posted here