In Its Global Expansion Push, Robinhood Wants To Be Crypto First

• The project is still in its early phases, with daily withdrawals limited to 10 transactions with a maximum value of up to $2,999 and just 1,000 customers from the top of the waitlist eligible

• The trading platform’s total number of accounts climbed to 22.7 million by the end of 2021, according to Robinhood’s latest earnings report, however monthly active users dipped to 17.3 million from 18.9 million the previous quarter

• In July of this year, the company went public at a $32 billion value. However, following recent problems, its market value has dropped to just $11.96 billion

A well-known trading app According to Steve Quirk, the business’s chief brokerage officer, Robinhood is focusing on international expansion, which will also see the San Francisco-based company shift most of its focus to cryptocurrency.

We’re doing a lot of inquiry about finding compliant ways to broaden [the list of approved crypto assets], Quirk says. We also want to take this brand global, and we’d start with crypto, he said on CNBC on Wednesday.

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Given the presence of Coinbase and other prominent crypto businesses in the market, Quirk was asked to explain what he meant by crypto first, and responded that the road for [Robinhood] to go global and have the most traction is definitely through crypto. Stronger support for digital assets may be the easiest route for Robinhood to expand global, according to Quirk, citing regulatory elements of the industry and other facets.

The Bold Objectives Of Robinhood

Last year, Robinhood was at the centre of the meme stock craze, with users flocking to the app to buy GameStop and AMC Entertainment stock.

In July of this year, the company went public at a $32 billion value. However, following recent problems, its market value has dropped to just $11.96 billion. The trading platform’s total number of accounts climbed to 22.7 million by the end of 2021, according to Robinhood’s latest earnings report, however monthly active users dipped to 17.3 million from 18.9 million the previous quarter.

According to Quirk, the company’s best option to improve its outcomes now appears to be betting heavy on crypto. Robinhood has set ambitious aims for expanding up its crypto platform to overseas customers in 2022. In its earnings report, Robinhood stated, The company believes in the great potential of the crypto economy and sees a big opportunity in serving clients around the world. Last month’s long-awaited launch of crypto wallets is expected to aid the corporation in achieving that goal.

ALSO READ: Will Ethereum’s price hit $10,000 by 2022?

Daily Withdrawals Limited To 10 Transactions With A Maximum Value Of Up To $2,999 And Just 1,000 Customers

The project is still in its early phases, with daily withdrawals limited to 10 transactions with a maximum value of up to $2,999 and just 1,000 customers from the top of the waitlist eligible.

Furthermore, as Robinhood’s CFO, Jason Warnick, stated last month, the integration of additional cryptocurrencies may take some time.

According to him, the company is progressing cautiously with the addition of new crypto assets after speaking with regulators who warned that certain tokens could be considered unlicensed securities. Robinhood Crypto now supports seven cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), and Dogecoin (a meme coin) (DOGE).