The COO of the stock and cryptocurrency trading app Robinhood hopes to see significant growth in client base, especially when it comes to investing in crypto.
During an interview with Business Insider that was published on Wednesday, Robinhood COO Gretchen Howard stated that the number of women using the trading app had more than tripled in the past year, indicating a 369 percent rise from the previous year.
Aside from that, the platform revealed in March that 40 percent of its active consumers were engaged in cryptocurrency trading, which was seven times higher than the figure for 2020.
“To me, I feel like, wow, we’ve made it possible for these women to trade cryptocurrency,” Howard expressed. “[Crypto] is a relatively new concept, particularly for those who are new to investing. Furthermore, it is stereotypically perceived as a male-dominated environment.
The COO, who stated that she personally holds tokens, has been with Robinhood since the beginning of 2019, following her departure from a job as a partner at venture capital firm CapitalG.
She stated earlier this year that she wished to see “a significant increase in the number of female investors on the platform,” which she described as “a significant increase.”
According to Robinhood, over 30% of its active clientele were female at the beginning of 2021.. As of June, the trading app had more than 30 million active users, with 18 million of those having financed their accounts with real money.
The results of a Gemini study issued in April indicated that women outnumbered men who were considering making their first crypto investment, but a report from the World Economic Forum suggested that women were underrepresented in the blockchain and cryptocurrency industries.
BDC Consulting, a blockchain company based in the United States, suggested that boosting the number of female speakers at crypto conferences, as well as improving their exposure in the media, might increase attendance at space events.
According to reports, regulators are still looking at Robinhood’s application to the Securities and Exchange Commission of the United States, or SEC, for an initial public offering.
Customers who claimed that the platform had caused them “widespread and significant harm” were awarded $ 70 million in fines and restitution by the Financial Industry Regulatory Authority (FINRA) on June 30.
The following day, Robinhood filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC), revealing its desire to raise $100 million during its potential Nasdaq IPO.
The trading app is currently being reviewed by regulators for its trading methods following the GameStop trade issue earlier this year, according to media reports.