Robinhood’s Global Expansion Strategy Will Be ‘Crypto First’

Approved trading platform According to Chief Brokerage Officer Steve Quirk, the San Francisco-based company is shifting its focus to cryptocurrencies as part of its international expansion strategy.

As stated by Quirk, the corporation is conducting a lot of research into “compliant approaches” to expand its support for “crypto asset” types.

On Wednesday, he told CNBC, “We also have plans to take this brand global, and we would do so crypto first….

With Coinbase and other big crypto companies already in the industry, Quirk explained that “the way for [Robinhood’s] worldwide and traction through crypto” is likely to be “crypto first.”

Quirk cited regulatory issues and “other dimensions” in arguing that Robinhood’s “easiest method” to expand internationally would be to offer digital assets.

The “aggressive ambitions” of Robinhood

In the meme stock frenzy of last year, Robinhood was at the centre of the action as consumers pumped stocks like GameStop and AMC Entertainment.

In July 202, the company was valued at $32 billion when it went public. Since then, the company’s market valuation has dropped to just $11.96 billion due to recent troubles.

Despite a decrease in monthly active users to 17.3 million from 18.9 million in the previous quarter, Robinhood’s newest earnings report shows that the platform’s total number of accounts will reach 22.7 million by the end of 2021.

For Bitcoin, Ethereum, and Dogecoin transfers, Robinhood has launched a beta of its crypto wallet. Now, at least according to Quirk, the company’s greatest hope for improvement is to invest heavily in bitcoin.

Robinhood plans to open its crypto platform internationally in 2022 with aggressive aims.” In its quarterly report, Robinhood stated that it believes in the enormous potential of the crypto economy and sees a huge opportunity in serving clients worldwide.

To that end, the long-awaited introduction of crypto wallets last month was expected to assist the corporation.

However, the project is still in its infancy, with only 1,000 customers on the waitlist and a daily withdrawal limit of 10 transactions at a maximum value of up to $2,999 currently in place.

Robinhood’s CFO Jason Warnick indicated last month that the integration of additional cryptocurrencies may take some time, and this is true.

Because of concerns raised by federal securities regulators, he says, the company is treading carefully when it comes to adding new crypto assets.

On Robinhood Crypto’s current list of supported crypto assets are the seven most popular cryptocurrencies, including bitcoin (BTC), litecoin (LTC), the ethereum blockchain (ETH), and dogecoin (DOGE).

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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