Robinhood’s best chance of going global is through crypto, says firm’s brokerage officer


Robinhood’s crypto part will likely be key because the buying and selling platform seeks to enterprise into the worldwide market.

Regulation is one issue Robinhood needs to get proper because it strikes to go international “crypto first,” chief brokerage officer Steve Quirk famous.

Robinhood Markets Inc is trying to go international, and the simplest path to reaching that’s via crypto, the corporate’s chief brokerage officer Steve Quirk informed CNBC in an interview on Wednesday.

In 2021, Robinhood hit household-name standing, with the meme craze theme pushed ahead by retail buyers driving lively consumer numbers and buying and selling volumes. Shares of GameStop, AMC Leisure, Blackberry and Virgin Galactic amongst others skyrocketed, and the corporate’s retail consumer numbers shot up.

However a decline within the fortunes of the meme shares, because the broader markets confronted promoting stress, has meant a discount in retail buying and selling numbers. And in line with Quirk, the meme shares are now not among the many high traded names on the platform.

Presently, Robinhood Crypto lists seven cryptocurrencies in Bitcoin (BTC), Bitcoin Money (BCH), Bitcoin SV (BSV), Litecoin (LTC), Ethereum (ETH), Ethereum Basic (ETC) and meme coin Dogecoin (DOGE).

The platform is exploring different crypto property, which the chief brokerage officer says is being executed in a manner that matches regulatory necessities. The platform can also be trying so as to add different options equivalent to wallets, he added.

“We even have aspirations to take this model international and we’d accomplish that crypto first,” he informed CNBC’s ‘Squawk Field’.

Requested to clarify what he met by “crypto first”, given the presence of Coinbase and different main crypto corporations, Quirk famous:

“Nicely, I feel the trail for us to go international and have essentially the most traction is thru crypto, and possibly comply with that with different parts of the providing.”

He mentioned that going the crypto manner is the simplest avenue for the corporate to attain its objective, citing regulatory features of the market and “different sides” of the market.

The California-based firm noticed its month-to-month lively customers decline over the fourth quarter, right down to 17.3 million from 18.9 million in Q3. Month-to-month lively customers peaked above 21.3 million in June 2021.

The buying and selling app is at present solely out there to US prospects, having canceled its UK launch in 2020.



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