Robinhood is planning to beef up its cryptocurrency employees this 12 months amid an explosion of interest in trading digital coins, CEO Vlad Tenev mentioned.
The favored funding app has been hiring “a ton” of latest 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, based on Tenev.
“We’re truly rising our crypto crew massively this 12 months,” Tenev mentioned throughout a virtual “fireside chat” Robinhood posted to YouTube Thursday. “The enterprise has simply been going via exponential development. We actually hit an inflection level this 12 months.”
Tenev didn’t say precisely what number of employees Robinhood will add to its crypto crew, however he mentioned the startup would be capable to develop the operation sooner when it has “a whole bunch of individuals” on board.
Robinhood’s crypto enterprise has boomed this 12 months 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 12 months via mid-February, based on Tenev.
One of many crypto crew’s prime priorities is permitting Robinhood merchants to deposit and withdraw cryptocurrencies via the platform — a characteristic that’s in excessive demand, Tenev mentioned.
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 crew and our software program engineers so we’re going to attempt to get that accomplished as quick as doable,” Tenev mentioned.
However Tenev mentioned his firm desires to ensure the platform is dependable and that these new options are secure earlier than they’re rolled out to customers. He famous that many merchants don’t need to cope with the “very sophisticated” job 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 mentioned Robinhood solely did so after getting a $3 billion demand from a Wall Avenue clearinghouse amid the unprecedented market frenzy.