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Bitcoin ETFs contribute to 5% of cryptocurrency trading volume on Robinhood.

This growing share demonstrates investors’ increased interest in such financial instruments and the evolution of the cryptocurrency market.

Date: 2024-02-14 Author: Marek Stiller
Bitcoin ETFs contribute to 5% of cryptocurrency trading volume on Robinhood.

On Tuesday, Robinhood revealed that bitcoin ETFs account for about 5% of its cryptocurrency trading. The remaining 95% still comes from spot trading in the platform’s cryptocurrency division. “There’s a lot of interest in ETFs, but we think it’s an additive phenomenon,” CFO Jason Warnick said during a call about quarterly results.

Because we have a wide range of choices for our customers, we feel good. We think this provides liquidity and increases overall interest in cryptocurrencies.

In January, the Securities Exchange Commission approved Bitcoin ETFs, a landmark event for the digital asset sector, as it increases access to the most well-known cryptocurrencies both on and off Wall Street. Robinhood quickly integrated all ETFs to provide security for its clients.

“An additional part of the growth is that we offer ETFs in our retirement accounts,” Warnick said. Robinhood’s transactions rose 8 percent in the fourth quarter to $200 million. Cryptocurrency revenues rose ten percent to $43 million, which was the main reason for the increase.

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Due to higher customer activity compared to the previous quarter, the company revealed an 89% increase in the value of cryptocurrency trading.

Over the past few months, Robinhood has become popular around the world. First, the company decided to launch brokerage services in the UK, and then moved its cryptocurrency sales to the European Union, giving users the opportunity to trade more than 25 digital currencies.

The internal expansion of the trading application has so far attracted tens of thousands of international customers, CEO Vlad Tenev said. Both in the domestic market and in the European Union, we are investing more in cryptocurrencies. “I think there are many things to improve,” he said.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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