Robinhood : crypto is the easiest way to go global
Robinhood Chief executive shared the plan of the company to expand the services to a global level through crypto.
Robinhood is a crypto & stock platform. In the last few years, Robinhood noted that it is getting better profit through its crypto trading services instead of stock. So right now, Robinhood is planning to work more on crypto-related services alongside the stock trading facilities.
On 10 February, Steve Quirk, chief brokerage officer at Robinhood, appeared in an interview with CNBC. In the interview, Steve noted that Robinhood is going global and for this, it is better to have crypto services support because these can help to get better traction in the global initiative of the company.
“From a regulatory standpoint and all the other facets that come into it, it’s probably the easiest way to go global,” said Quirk.
Executive also hinted indirectly on the 2021 “meme stock incident and claimed that it was probably a Fad.
“The only thing I would say is I’ll just look at customer behaviours and tell you that those aren’t even on the top handful of names that are being traded anymore.”
In 2021, many traders of the Robinhood platform claimed that Exchange was willing to bet on the companies, which faced a hard situation in the Covid-19 pandemic. At that time, Robinhood closed the trading of GameStop stock and other “meme stock” securities. However, later Robinhood paid the fine against the loss of users.
Robinhood platform currently provides a total of 7 crypto assets trading, which are bitcoin, ether, ether classic, litecoin, dogecoin, bitcoin cash, and Bitcoin SV. These crypto-assets are only available to trade but no one user can transfer the funds outside the platform and also can’t deposit from third-party platforms.
But recently Robinhood launched its beta version of the crypto wallet that will allow its users to transfer and deposit the funds outside the platform. These things are showing that Robinhood has been working to expand its presence in the whole world for a long time.
Read also: Tennessee lawmaker proposed bill to allow the state to invest in Bitcoin
