Popular trading app Robinhood has revealed that its international expansion will be “crypto first.” The company said from the regulatory standpoint, crypto is “probably the easiest way to go global.” The trading platform is also looking for compliant ways to list more cryptocurrencies.
Robinhood Becoming ‘Crypto-First’ Company
Steve Quirk, Robinhood’s chief brokerage officer, talked about the firm’s turnaround strategy and crypto in an interview with CNBC last week.
The executive noted that Robinhood currently lists seven cryptocurrency. He also revealed that Robinhood is looking for ways to increase the list. He described:
This is why we are constantly exploring ways in which to make it more compliant.
Robinhood currently offers support for the purchase, sale, and monitoring of real-time data on bitcoin (BTC), cryptocurrency cash (BCH), and bitcoin sv/BSV), as well as dogecoin, DOGE, ethereum, ethereum classic, ETC, and litecoin.
Several executives from Robinhood have said previously that compliance is the company’s top priority. To meet its compliance obligations, Chainalysis, a blockchain analytics platform, was partnered by Robinhood in December 2017. In January, the company noted that additional coins should be listed with more clarity.
Quirk added that Robinhood will “also roll out some other features people have been looking for like wallets.” The platform recently began rolling out its crypto wallets to customers. “By March, we will expand the program to 10,000 customers before rolling out to the rest of the Wenwallets waitlist,” the company said.
Further, the executive noted that:
Also, we have ambitions to make this brand globally and will be doing so in crypto.
The Robinhood executive emphasized: “I think the path for us to go global and have the most traction is probably through crypto, and then maybe follow with other components of the offering.” He concluded:
From the regulatory standpoint and all the facets that come into it, it’s probably the easiest way to go global
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