Robinhood, a finance app which seeks to provide the general public access to stock trading, was swamped with more than 1 million sign-ups only days after announcing it has added a cryptocurrency trading option, according to co-CEO Vlad Tenev on Wednesday, at the CB Insights’ Future of Fintech conference.
Tenev expressed his belief in Bitcoin’s resilience despite its price downturn in the past months. He observed that it is just going through a familiar pattern as before. He counsels never to count Bitcoin out.
The co-founder assured their users:
“Around that time a lot of the biggest crypto exchanges and brokerages a lot of the exchanges … were just not staying up. [They were] down for days at a time. [We’re] focused on stability and reliability. We were able to sustain the customer orders … hundreds of thousands of accounts [added in a single day].”
According to Tenev, their firm is getting significant attention from people dealing with crypto who became customers of the entire Robinhood platform.
He also commented about the fact that Blockchain has been overhyped and that startup firms trying to keep up with the crypto craze are migrating to decentralized ledgers despite the availability and adequacy of ordinary databases.