Bitcoin BTC/USD, Ethereum ETH/USD, and various other digital currencies have experienced a major uptick this month, with Bitcoin's value increasing by over 35%. The recent surge in crypto will likely benefit brokerages like Robinhood Markets Inc HOOD, which saw a huge increase in traders during crypto’s bull run in 2020 and 2021.
Robinhood’s general manager of crypto Johann Kerbrat, joined Benzinga’s Pre-Market Prep show Friday morning to discuss Robinhood’s crypto business. He explained that the brokerage now allows customers to hold their cryptocurrencies in a digital wallet as opposed to in their brokerage account.
“For us at Robinhood, we really want to give our customers what they are asking for,” Kerbrat said. “We wanted to give customers the choice, they can choose to do self-custody on Robinhood or with the Robinhood Wallet, and then they have access to that key.”
Previously, customers could buy crypto coins like Bitcoin or Ethereum on Robinhood, but not actually hold those assets in their own crypto wallet. Now, Robinhood gives its customers a choice.
The growing focus on accessibility and mainstream crypto adoption will be among the central themes at Benzinga's Future of Digital Assets conference on Nov. 14 in New York City.
Read Also: Robinhood Turns To Good Old Incentives To Push Trading Volumes Higher
Kerbrat also spoke about how Robinhood can offer the lowest fees compared to competitors. He said Robinhood does not have different rebates depending on order size, which benefits customers making small purchases and helps keep Robinhood’s fees reduced.
“We are showing that at the end of the day, when you place an order on Robinhood, you get more crypto for the dollar that you spend on the platform versus the competition,” Kerbrat said.
He also spoke about Robinhood’s expansion into Europe, which was announced during the company’s recent earnings call.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov.14 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them!
Now Read: Robinhood Q3 Earnings: EPS Beat, Revenue Up 29%, MAUs Fall 16% And More
Watch the entire interview below:
Photo: Shutterstock
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