Popular trading app Robinhood has revealed that its international expansion will be “crypto first.” The company said from the regulatory standpoint, crypto is “probably the easiest way to go global.” The trading platform is also looking for compliant ways to list more cryptocurrencies.
Robinhood Becomes a “Crypto-First” Company
Steve Quirk, Robinhood’s chief brokerage, spoke about the company’s turnaround strategy and the crypto in an interview with CNBC last week.
Noting that Robinhood now has seven cryptocurrencies listed, the executive revealed that the platform is trying to find ways to expand the number of cryptocurrencies listed. He described:
We’re doing a lot of exploration to find compliant ways to extend this.
Robinhood currently supports the buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC).
Several Robinhood executives have previously said compliance is the company’s top priority. In December last year, the company partnered with blockchain analytics platform Chainalysis to meet compliance requirements. The company also noted in January that it was important to get a bit more regulatory clarity before listing additional parts.
Quirk added that Robinhood will “also roll out some other features people have been looking for like wallets.” The platform recently began rolling out its crypto wallets to customers. “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” the company said.
The executive further noted:
We also have aspirations to take this brand globally and we will do so first through crypto
The Robinhood executive emphasized: “I think the path for us to go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.” He concluded:
