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Despite the constant growth and the mainstream adoption of cryptocurrencies, it is still considered an unsafe industry. The concerning part for the sector is limited to not only the cryptocurrency or project rug pulls. Several cryptocurrency brokerages, exchanges, and trading platforms are also found to be fraudulent and scammers.
Therefore, the cryptocurrency investors and traders are also after brokerages and trading platforms that are reliable, resourceful, and have a reputation. Starting in 2021, Robinhood also earned the same kind of respect and reputation as many other exchanges/brokerages with high demand in the crypto sector.
Robinhood’s Success Due to Cryptocurrencies
Robinhood made its debut as an application-based stock trading platform back in 2015. It didn’t earn much reputation or popularity ever since its launch as many trading brokerages were already ruling to stock sector.
In 2018, Robinhood inducted cryptocurrencies into the assets it was offering its users. However, the early 2018 mishap with Bitcoin (BTC) had done a lot of damage to the reputation of the crypto sector. Therefore, not many people supported the idea of investing in cryptocurrencies at that time.
However, towards the end of 2020, the cryptocurrency sector picked up the pace. All major cryptocurrencies hit their all-time highs and the sector gained a lot of momentum.
Demise of Robinhood
From the year 2020 to the mid of 2021, Robinhood grew tremendously as it offered buying/selling services for all major cryptocurrencies. Most importantly, it had Dogecoin to thank for its tremendous success and expansion.
However, things turned ugly for Robinhood as Dogecoin lost its charm and the overall crypto-verse started dwindling. Many factors affected the overall reputation of cryptocurrencies, and as a result, Robinhood has found itself in the worst situation possible.
Current Situation and a Promising Future for Robinhood
In the year 2021, Robinhood had even gone public but once again, it didn’t help the mobile-based crypto trading platform at all. According to many analysts and observers, Robinhood lacks the innovation factor. It hasn’t been able to offer useful and attractive products, thus, the constant loss.
However, just recently, Sam Bankman-Fried, the CEO of FTX, a major cryptocurrency exchange has acquired almost 8% stake in Robinhood. The update has not only helped Robinhood regain its lost value in the stock market but has set it on the path to success.
Sam Bankman-Fried is known for his innovation and futuristic thinking. The market observers are strongly suggesting that with Bankman-Fried joining Robinhood, it will become friendlier towards the cryptocurrency sector.
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