Robinhood, the online crypto broker, said that the number of female crypto traders on their platform has increased seven-fold when compared to the end of 2021. In their official blog post, Robinhood said that female cryptocurrency traders remain underrepresented on the platform despite the massive growth witnessed in the industry.
The platform says that with men making up the majority of most active traders, the playing field is gradually leveling. That is an indicator cryptos may play a significant role in decentralizing power in finance. The company said:
“Robinhood Crypto compared with our total active customer base, it is notable that 40 percent of Robinhood active women customers are crypto traders.”
The broker partially attributes the surge in women traders to the provision of crucial educational materials. That is in line with a previous study by Grayscale which indicated that women remain quite skeptical about joining the cryptocurrency space as a result of a lack of educational materials and resources.
Bitcoin Rally Affected Robinhood Users
The increase in the number of female traders outlines the impact of the recent bitcoin bull run. With bitcoin reaching a new all-time high of $58,300 in February 2021, apps like Robinhood saw an influx of new traders who never wanted to miss out on the rally.
Notably, the platform’s cryptocurrency section has added nearly 6 million new customers since the start of this year. Today, Robinhood allows its users to trade in seven coins that include Bitcoin SV (BSV), Bitcoin (BTC), Ether Classic (ETC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), and Dogecoin (DOGE).
In the meantime, the value of bitcoin has soared by nearly 97% this year. At the time of writing, the flagship crypto was trading at $55,300 according to TradingView data.
This new rally was majorly inspired by institutional investors like Tesla (NASDAQ: TSLA) who put in $1.5 billion in bitcoin. Elsewhere, the entry of the other service providers including PayPal (NASDAQ: PYPL) also added to the investor’s sentiments.
