Cryptocurrency and stock trading app Robinhood’s co-founder and co-CEO Baiju Bhatt gave his reasons to Yahoo! Finance why he believes that crypto is here to stay.
Mining Bitcoin (BTC) together with his business partner Vladimir Tenevsince 2011, Bhatt stated, in an interview, that crypto’s flexibility was the compelling reason making them decide to adopt it into their app.
The firm’s top official said:
“It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back.”
In February this year, Robinhood signed up users upwards of one million following their announcement of adding a crypto trading option without fees. Bitcoin and Ethereum (ETH) started trading on February 22 and the company is pouring in money to improve wallet functionality and additional cryptocurrency options.
Bhatt is not at all bothered by the US Securities and Exchange Commission’s (SEC) drive to determine which cryptocurrency is considered a security. He is confident that their firm, a registered broker-dealer with its 5-year status would fare well with any government watchdog despite the present heightened regulatory tension in America.
Robinhood is currently serving 16 US states after the $363 million funding round, in May, with which it expanded its service.