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Robinhood is one of the leading stock and cryptocurrency exchange platforms operating in the United States. Although the platform offers incredible services, it faced criticism due to privacy concerns. Recently, a senior executive at the exchange firm has dismissed meme stocks as a fad. Moreover, the executive claimed that offering cryptocurrency trading is the easiest way to expand their global footprint. Indeed, the firm seeks to expand globally with a crypto-first approach.
Crypto is the easiest way to go global
In a recent interview with CNBC, Steve Quirk, Chief Brokerage Officer at Robinhood, unveiled some upcoming plans of the firm. Notably, the stock trading platform is looking to broaden its brand offshore. Notably, the exchange believes that digital assets would gain the most amount of traction to offer for their expansion.
According to Quirk, if we see from a regulatory standpoint and all the other facets that come into it, it is probably the easiest way to go global. Moreover, he offered his stance on last year’s phenomenon and labeled it as a probable fad.
Observing the customer behavior, they have observed that those are not even leading a handful of names that are being traded anymore.
Decision of Robinhood is no new
Robinhood’s latest decision was no surprise to move away from meme stocks. Last year, the platform’s users accused the broker of suspending the trading of meme stock securities, spurred on by buying fervor from retail traders attempting to squeeze the short positions of big Wall Street firms.
However, a planned international expansion will help the firm shore up last year’s poor earnings. Moreover, the crypto-first approach would help lift the firm’s share value.
It is also noteworthy that the firm offers all crypto-related services through its subsidiary Robinhood Crypto LLC. in the current scenario, the firm lists seven cryptocurrencies which includes Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), and Bitcoin Satoshi Vision (BSV).
Besides, last month the firm also introduced its first cryptocurrency wallet’s beta version. The wallet is known as WenWallets and is introduced to only 1k selected users. However, by March this year, the firm will extend the wallet to at least 10k users.
