We made it possible for more women to trade crypto
The COO of the stock and cryptocurrency trading app Robinhood is aiming for significant growth in client base, especially when it comes to investing in crypto.
In an interview with Business Insider published Wednesday, Robinhood COO Gretchen Howard mentionned the number of women using the trading app has more than tripled, representing a 369% year-over-year increase. In addition, the platform reported in March that 40% of its active customers were trading cryptos, seven times more than in 2020.
“To me, I feel like, wow, we’ve allowed these women to trade cryptocurrency,” Howard said. “[Crypto is] very new, especially for people who are new to investing. And it’s also stereotypical as a male dominated space.
The COO, who said she owns tokens herself, has been working at Robinhood since early 2019, after leaving a position as a partner at venture capital firm CapitalG. She said earlier this year that she wanted to see “a significant increase in the number of female investors on the platform.”
According to Robinhood, around 30% of its active clients were women at the start of 2021. As of June, the trading app currently had more than 30 million clients, of which 18 million had funded accounts.
Data from a Gemini survey released in April indicated that there were more women than men interested in investing in crypto for the first time, but a report from the World Economic Forum suggested they were under- represented in the blockchain and crypto industry. BDC Consulting, a US-based blockchain company, to have a reference to that including more women as speakers at crypto conferences as well as increasing their representation in the media could boost participation in the space.
Related: Women-led events can encourage long-term participation of women in blockchain
Robinhood is reportedly still under scrutiny by regulators as part of its request to the United States Securities and Exchange Commission, or SEC, for an initial public offering. On June 30, the Financial Sector Regulatory Authority ordered the company to pay $ 70 million in fines and restitution to customers that the platform allegedly caused “widespread and significant harm.”
The very next day, Robinhood filed a Form S-1 registration statement with the SEC, announcing its intention to raise $ 100 million during its potential Nasdaq debut. Regulators would still be look in the trading app for its business practices following the GameStop transaction controversy earlier this year.