Robinhood logo displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland on June 29, 2021 (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
NurPhoto via Getty Images
Speaking today at the Bitcoin 2022 conference in Miami, Robinhood Chief Product Officer Aparna Chennapragada delighted the crowd by saying that bitcoin is the top recurring buy asset for the company so far this year. Exact numbers were not given.
For the up and coming brokerage firm that revolutionized zero-commission trades, and whose customer base is made up of 50% new investors, this observation is a strong market signal that new investors are placing a great amount of faith, and their finances, into a crypto future.
But that is not all. Although it went unsaid during her remarks at the bitcoin-centric event, ether, the native token of the Ethereum blockchain, was the third largest recurring buy.
SPECIAL OFFER: For expert insights into the latest crypto and blockchain developments, crypto and equity model portfolios, and exclusive interviews subscribe today to our premium research service, Forbes CryptoAsset and Blockchain Advisor.
Also in the top 10 was the meme-coin dogecoin, which briefly surged over 30% earlier this week following news that long-time advocate and Tesla CEO Elon Musk has taken a 9.2% stake in Twitter, the crypto industry’s unofficial town square, and is planning to take a board seat.
Chennapragada included a couple of other notable announcements in her presentation fr crypto natives.
First, as of today the +2 million clients on the Robinhood waitlist for external crypto transfers have been given full functionality. While this feature may not resonate with novice investors that are not concerned with sending and receiving bitcoin from external wallets, it has been a long-sought feature for crypto purists that oppose the walled garden approach taken by other fintechs such as PayPal with regards to their crypto brokerage activities.
Finally, she also noted plans for Robinhood to integrate the Bitcoin Lightning Network into its technology stack. Lightning is a decentralized layer that sits on top of the bitcoin mainnet, which can be used to facilitate cheap and instantaneous payments. Although adoption remains limited, Lightning has been gathering supporters as of late with companies such as Cash App, the payment processor BitPay, and major crypto exchange Kraken. It is also used to facilitate bitcoin payments in El Salvador, which last year became the first country to accept bitcoin as legal tender.
