The current chief operating officer of Robinhood COO (a platform for trading cryptocurrency), Gretchen Howard, states that the crypto space has been stereotyped as male-dominated; however, for two years, there has been seen a momentous spike in women traders at Robinhood, according to her. She discussed it while appearing in an interview conducted by Business Insider on Wednesday. It has been disclosed by her that the total of female consumers trading through the application of the platform has increased to 3 times as 369% over a year, especially in the case of investment.
She mentioned that the platform recorded 40% of the female consumers to be trading cryptocurrency in March; thus, a seven times growth was indicated over 2020. She expressed that she felt very happy at finding that these women began trading through the COO after the beginning of 2019. It was revealed by her that she also owns a few tokens. Earlier this year, she told that she expected an increase in the number of female investors on Robinhood COO.
As reported by the platform, women constituted active consumers’ 30% at the beginning of 2021. During June, there are above 30 million consumers, of whom 18M own funded accounts.
In April, a survey published by Gemini figured out that the women were firstly more eager in the crypto investment than the men. However, it has been proposed by a report of World Economic Forum that they were represented less than their actual strength in the crypto and blockchain industry. A blockchain company from the United States, BDC Consulting, has signaled that a boost in the participation of women as spokespersons at the conferences of cryptocurrency and an increase in their media representation could heighten up their presence in the crypto space.
Robinhood, along with its application, is still under continuous scrutiny by the SEC (security and exchange commission of the United States). On 30th June, $70M has been charged as a fine on the firm by the Financial Industry Regulatory Authority for the significant and wide-ranged harm that the company was accused of causing to its consumers.
On the following day, an S-1 Form comprising of the registration statement was submitted by Robinhood announcing that it intends to collect $100M as the potential debut for meeting the imposed allegation. The regulators are examining the trading application of the company to delve deep into its business practices after the controversy about the GameStop traders.