Robinhood has been in existence for a decade, but its foray into the world of crypto isn’t exactly novel. However, the company’s efforts to expand its presence in this market continue, even reaching groups that have traditionally stayed away from the platform.
On the Chain Reaction podcast, Johann Kerbrat, the general manager of Robinhood’s crypto division, shared his thoughts on the industry. “Crypto has always been dominated by tech-savvy individuals, creating a barrier for the average consumer,” he said. “When customers engage with crypto, they don’t necessarily care about the underlying protocol or network. They just want it to work smoothly.”
While this may be true for inexperienced crypto investors, Robinhood has made strides in educating and onboarding this group. Now, the platform is looking to cater to all individuals, even those who are well-versed in protocols. According to Kerbrat, Robinhood users can perform advanced actions such as transferring to their crypto wallet or utilizing charts and autotypes for functions like stop loss.
Even though Robinhood may not be as technically focused as other platforms in the crypto industry, it is taking measures to understand its customer’s wants and needs.
But despite its plans for growth and expansion, Robinhood has appeared to be hesitant in its stance in the digital asset space. In June, the app limited trading and holding of certain cryptocurrencies for its U.S. users, coinciding with the government’s crackdown on major exchange platforms like Binance and Coinbase. Nevertheless, the platform still offers 14 cryptocurrencies and one stablecoin, USDC, for users to buy and sell.