Robinhood is planning to beef up its cryptocurrency employees this 12 months amid an explosion of interest in trading digital coins, based on CEO Vlad Tenev.
The favored funding app has been hiring “a ton” of latest employees as it really works to roll out extra cryptocurrency choices — together with the flexibility to maneuver crypto belongings to and from a person’s digital pockets, based on Tenev.
“We’re really rising our crypto staff vastly this 12 months,” Tenev mentioned throughout a virtual “fireside chat” Robinhood posted to YouTube Thursday. “The enterprise has simply been going by exponential development. We actually hit an inflection level this 12 months.”
Tenev didn’t say precisely what number of staff Robinhood will add to its crypto staff, however he mentioned the startup would be capable to develop the operation sooner when it has “lots of of individuals” on board.
Robinhood’s crypto enterprise has boomed this 12 months as bitcoin costs soared and a rising variety of major companies such as Tesla and Sq. added it to their stability sheets.
Greater than 6 million new prospects traded cryptocurrency for the primary time on Robinhood from the beginning of the 12 months by mid-February, based on Tenev.
One of many crypto staff’s high priorities is permitting Robinhood merchants to deposit and withdraw cryptocurrencies by the platform — a characteristic that’s in excessive demand, Tenev mentioned.
Customers can presently solely purchase and promote crypto belongings with money of their Robinhood accounts. The corporate says it’s engaged on options that will allow them to switch cash between their brokerage accounts and their very own digital wallets.
“As a lot as individuals are bugging me on that on social media, I’m bugging our crypto staff and our software program engineers so we’re going to attempt to get that finished as quick as doable,” Tenev mentioned.
However Tenev mentioned his firm needs to ensure the platform is dependable and that these new options are secure earlier than they’re rolled out to customers. He famous that many merchants don’t need to take care of the “very sophisticated” process of managing digital cash themselves.
Robinhood is increasing its crypto footprint after catching warmth for blocking trades of GameStop and different so-called meme shares in January. Tenev has mentioned Robinhood solely did so after getting a $3 billion demand from a Wall Road clearinghouse amid the unprecedented market frenzy.