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Seeking Alpha 2021-04-08 20:19:24

Robinhood scales up cryptocurrency trading capabilities

Robinhood (RBNHD) says 9.5M of its customers traded cryptocurrency in Q1 2021, up from 1.7M in Q4 2020.And the company is taking steps to continue the growth. It has more than tripled its crypto team since the beginning of the year, hiring people in engineering, security, and compliance in an effort to "scale and build crypto withdrawals and deposits quickly and safely," it said on its blog.Robinhood says the buildup of its cryptocurrency operations fits with the fintech's mission: "The prospect of an open and decentralized global financial system, one where everyone can have access to financial services, strongly aligned with Robinhood’s mission — so democratizing cryptocurrency trading felt like a natural next step."

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