Robinhood is planning to beef up its cryptocurrency employees this yr amid an explosion of interest in trading digital coins, in keeping with CEO Vlad Tenev.
The favored funding app has been hiring “a ton” of recent employees as it really works to roll out extra cryptocurrency choices — together with the flexibility to maneuver crypto belongings to and from a person’s digital pockets, in keeping with Tenev.
“We’re really rising our crypto group vastly this yr,” Tenev stated throughout a virtual “fireside chat” Robinhood posted to YouTube Thursday. “The enterprise has simply been going by way of exponential progress. We actually hit an inflection level this yr.”
Tenev didn’t say precisely what number of staff Robinhood will add to its crypto group, however he stated the startup would have the ability to broaden the operation sooner when it has “tons of of individuals” on board.
Robinhood’s crypto enterprise has boomed this yr as bitcoin costs soared and a rising variety of major companies such as Tesla and Sq. added it to their steadiness sheets.
Greater than 6 million new clients traded cryptocurrency for the primary time on Robinhood from the beginning of the yr by way of mid-February, in keeping with Tenev.
One of many crypto group’s high priorities is permitting Robinhood merchants to deposit and withdraw cryptocurrencies by way of the platform — a function that’s in excessive demand, Tenev stated.
Customers can at present solely purchase and promote crypto belongings with money of their Robinhood accounts. The corporate says it’s engaged on options that might allow them to switch cash between their brokerage accounts and their very own digital wallets.
“As a lot as individuals are bugging me on that on social media, I’m bugging our crypto group and our software program engineers so we’re going to attempt to get that accomplished as quick as attainable,” Tenev stated.
However Tenev stated his firm needs to ensure the platform is dependable and that these new options are protected earlier than they’re rolled out to customers. He famous that many merchants don’t wish to cope with the “very sophisticated” activity of managing digital cash themselves.
Robinhood is increasing its crypto footprint after catching warmth for blocking trades of GameStop and different so-called meme shares in January. Tenev has stated Robinhood solely did so after getting a $3 billion demand from a Wall Road clearinghouse amid the unprecedented market frenzy.