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Robinhood reported that the number of crypto traders increased from 1.7 million during the 4th quarter last year to 9.5 million during the first quarter of this year.
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The company's desire to focus on cryptocurrency may stem from the explosion in crypto trading that Robinhood experienced during the 1st quarter this year. In fact, Vlad Tenev, the CEO of Robinhood, appears to be so confident in the future of cryptocurrency that he plans to devote more resources toward supporting crypto expansion. The company is also one of the few traditional brokerages that supports cryptocurrency trading. Robinhood has been in the news a lot this year, mostly from its involvement in the GameStop (NYSE:GME) saga. This could result in increased competition between the two exchanges, which could negatively impact Robinhood. This is really important to note because Coinbase said during its most recent earnings call that it would not miss out on these sorts of opportunities going forward. During the first three months of 2021, 34% of Robinhood's cryptocurrency transaction-based revenue was because of Dogecoin (DOGE). The S-1 contained a few very important pieces of information but there was one that requires a special mention. On July 1st, it finally became public news, as Robinhood released its S-1 filing and announced its intention to list on the NASDAQ under the symbol HOOD.
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In March, Bloomberg reported that Robinhood filed confidentially for an initial public offering (IPO). RobinhoodĪnother major cryptocurrency player, Robinhood, also has plans to go public this year. DOGE has been one of the most actively traded cryptocurrencies during the past few months and that added trading volume may have been just what Coinbase needed. Coinbase's decision highlights how volatile the crypto market can be.ĭuring Coinbase's conference call, Brian Armstrong, the company's CEO, mentioned that the company would be adding Dogecoin (DOGE) in the next 6-8 weeks. Although Coinbase's numbers were impressive in comparison to prior quarters, the earnings and revenue came up a bit short of what Wall Street analysts were expecting.Įven more interesting, however, was the fact that Coinbase presented three different levels of guidance depending on how the crypto market plays out over the coming months. Coinbase shares opened trading at $381, reached a high of $429.54, before finishing the day at $328.28.Īfter the close of trading on May 13, 2021, Coinbase announced its first-quarter financial results. On April 14, 2021, after months of excitement and hype, Coinbase's shares were listed on the NASDAQ exchange, under the ticker COIN.
BUY CRYPTO ON ROBINHOOD APP PRO
Robinhood - The Basicsīefore jumping right into the evaluation of each platform's pros and cons, let's do a brief introduction for both Coinbase Pro and Robinhood. This guide will help crypto traders decide whether Coinbase Pro or Robinhood is best for them. However, each offers something different. Robinhood - Both platforms represent great options for casual and advanced crypto traders.