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Trading App Robinhood’s Global Expansion To Be ‘Crypto First’


KEY POINTS

  • Robinhood to go global as ‘crypto first’ company
  • The trading platform plans to add more cryptos 
  • Regulatory compliance is a top priority for Robinhood

Popular trading app Robinhood has revealed that its global expansion will be “crypto first,” as the company believes that from the regulatory standpoint, crypto is “probably the easiest way to go global.”

In an interview with CNBC, published Feb. 9, Steve Quirk, Robinhood’s chief brokerage officer, talked about the firm’s turnaround strategy and crypto.

“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,” Quirk said. 

“From the regulatory standpoint and all the facets that come into it, it’s probably the easiest way to go global.” 

Regulatory compliance is amongst the top priorities for the company. In December last year, the company partnered with the blockchain analytics platform Chainalysis to provide customers with a safe environment for trading. The company also noted last month that it is important to get a bit more regulatory clarity before listing additional coins.

Quirk also revealed plans of listing more cryptos on their platform noting that Robinhood has seven listed cryptos at present. 

Robinhood is a trading company that at present supports buying, selling, and real-time market data for cryptos including, Bitcoin (BTC), Bitcoin cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC).

Quirk added that Robinhood will also roll out some new 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.

A representation of the virtual cryptocurrency Bitcoin A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. Photo: Reuters / EDGAR SU

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