The stock and crypto exchange Robinhood is seeing a sharp increase in the number of women trading cryptocurrencies.
According to an announcement on March 11, Robinhood Crypto saw a sevenfold increase in the number of female users involved in crypto asset trading compared to the end of 2020. The company wrote:
“While women remain underrepresented on Robinhood Crypto compared with our total active customer base, it is notable that 40 percent of Robinhood active women customers are crypto traders…
Women’s participation in cryptocurrency investing does seem to have been increasing. Last year, CoinMarketCap reported that female users of the site had grown more than 43% in Q1 compared to the previous quarter.
Robinhood said that its own growth has been impressive this year, claiming on Feb. 25 that it had already seen six million new customers on Robinhood Crypto. The platform handles bitcoin, ether, litecoin, bitcoin cash, dogecoin, bitcoin SV and ethereum classic.
In its March announcement the growing number of female Robinhood Crypto users in 2021, Robinhood said:
“Those figures are encouraging and prove that crypto can be a powerful tool in decentralizing power in finance.”
Noting that a recent study cited in the Wall Street Journal found that women make up less than 25 percent of deposits into US brokerage accounts, Robinhood added, “we’re excited by the potential of cryptocurrency to help democratize finance for all.”
The platform has been doing a fairly good job in improving its own numbers, according to that Feb. 12 Wall Street Journal article. It reported that Cardify, a consumer-spending data analytics firm, found that more than one-third of Robinhood users were now women, up from just over 20% at the beginning of 2020.
Those numbers suggest that crypto is becoming a less male-dominated space, something the broader finance space has had trouble with. Cardify noted that less than 25% of U.S. brokerage account deposits in January were made by women.
Robinhood faced harsh criticism after shutting off GameStop stock buyers last month, accused of trying to protect an investor, hedge fund Citadel Securities, that was getting clobbered by Reddit’s WallStreetBets traders after shorting the video game retailer.