Robinhood is planning to beef up its cryptocurrency staff this year amid an explosion of interest in trading digital coins, according to CEO Vlad Tenev.
The popular investment app has been hiring “a ton” of new staff as it works to roll out more cryptocurrency offerings — including the ability to move crypto assets to and from a user’s digital wallet, according to Tenev.
“We’re actually growing our crypto team hugely this year,” Tenev said during a virtual “fireside chat” Robinhood posted to YouTube Thursday. “The business has just been going through exponential growth. We really hit an inflection point this year.”
Tenev didn’t say exactly how many workers Robinhood will add to its crypto team, but he said the startup would be able to expand the operation faster when it has “hundreds of people” on board.
Robinhood’s crypto business has boomed this year as bitcoin prices soared and a growing number of major companies such as Tesla and Square added it to their balance sheets.
More than 6 million new customers traded cryptocurrency for the first time on Robinhood from the start of the year through mid-February, according to Tenev.
One of the crypto team’s top priorities is allowing Robinhood traders to deposit and withdraw cryptocurrencies through the platform — a feature that’s in high demand, Tenev said.
Users can currently only buy and sell crypto assets