The chief working officer of inventory and cryptocurrency buying and selling app Robinhood goals for vital development within the variety of feminine prospects, notably when it comes to investing in crypto.
In an interview with Enterprise Insider printed Wednesday, Robinhood COO Gretchen Howard stated the variety of women utilizing the buying and selling app had more than tripled, representing a 369% improve year-on-year. As well as, the platform reported in March that 40% of its lively feminine prospects had been buying and selling crypto, a seven-fold improve over 2020.
“To me it looks like, wow, we have enabled these women to trade crypto,” stated Howard. “[Crypto is] very new, especially to people getting into investing for the first time. And it’s also stereotyped as a male-dominated space.”
The COO, who stated she owns some tokens herself, has been with Robinhood since early 2019, having left a companion place at enterprise capital agency CapitalG. She stated earlier this yr she needed to see “a significant increase of women investors on the platform.”
According to Robinhood, roughly 30% of its active customers were women as of early 2021. As of June, the trading app currently has more than 30 million customers, 18 million of whom have funded accounts.
Data from a Gemini survey published in April indicated that there were more women than men interested in investing in crypto for the first time, but a World Economic Forum report suggested that they were underrepresented working in the blockchain and crypto industry. BDC Consulting, a U.S.-based blockchain firm, hinted that including more women as speakers at crypto conferences as well as increasing their representation in the media could drive participation in the space.
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Robinhood is reportedly still under scrutiny from regulators amid its application with the U.S. Securities and Exchange Commission, or SEC, for an initial public offering. On June 30, the Financial Industry Regulatory Authority ordered the firm to pay $70 million in fines and restitution to customers that the platform allegedly caused “widespread and significant harm.”
The very subsequent day, Robinhood filed a Type S-1 registration assertion with the SEC to go public, asserting its intention to elevate $100 million in its potential debut on the Nasdaq. Regulators are nonetheless reportedly trying into the buying and selling app for its enterprise practices following the controversy over GameStop trades earlier this yr.