Robinhood filed its SEC form S-1 on July 1rst which offered data on the potential impact their IPO offering could have on the adoption of Cryptocurrency. Currently Robinhood reports 18M funded accounts, 17.7M Monthly Active Users (MAU), and $81B in Assets Under Custody (AUC).  Their user population is greater than 50% of first-time investors and greater than 80% organically grown users (Robinhood SEC form S-1). The service provides access to stocks mostly, with a handful of Cryptocurrency assets in its offerings now. The limitation in the tech also precludes users from depositing or withdrawing crypto assets directly on the platform. Instead, trades are executed through a custodial service. The S-1 submission addresses this problem by offering guidance on its short to mid-term goal of enabling wallets for increased functionality. Robinhood announced a new COO tasked with this project.

Most Crypto advocates agree that the current system of trading currencies through an Agent (Robinhood), Third Party Market Maker, and a User is not ideal. There are simply more transparent, reliable, and secure ways of participating in the blockchain space. The silver lining is with Coinbase having a massive IPO this year and Robinhood on track for a massive valuation the Cryptocurrency asset class is gaining large scale institutional recognition. All within the United States. Behind Robinhood, the Crypto exchange Kraken has announced its intention for IPO soon as well, adding to the list of public offerings with deep ties to the blockchain space.

There is a tendency amongst blockchain users to downplay any platform with the subpar tech or a lousy interface. The reality is a company like Robinhood has made many errors and blunders but is still bringing 17.7M active users to the blockchain table. The more that this happens the better it is for adoption. 

Data Derived from:

https://www.sec.gov/Archives/edgar/data/1783879/000162828021013318/robinhoods-1.htm