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Robin Hood's cryptocurrency business is seeing a massive increase in the first quarter despite the GameStop controversy

The popular trading app provides commission-free trading for Bitcoin, Ethereum, and other cryptocurrencies

Robin Hood, a popular trading app aimed at millennials and other inexperienced investors, has become a major cryptocurrency hub, providing more evidence that digital assets are gaining mainstream appeal.

On Thursday, the company reported that 9.5 million users traded digital assets on its platform during the first quarter of 2021 - a six-fold increase over the previous quarter.

Robin Hood provides commission-free trading for several major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC) and Ethereum Classic (ETC). The app also provides real-time market data for nearly ten other digital assets.

The rise in Robin Hood's cryptocurrency business is not surprising given the size and rate of growth of the cryptocurrency market over the past six months. The total value of all cryptocurrencies reached $ 2 trillion in early April, after doubling in just three months.

Much of these gains have been stimulated by an almost double Bitcoin increase since January. As Bitcoin's gains waned, altcoins dominated. Cryptocurrencies that did not carry the Bitcoin name now account for nearly 45% of the total market, according to CoinMarketCap data.

But 2021 wasn't entirely positive for Robin Hood. The company got into controversy after it decided to suspend trading GameStops and other stocks that had grown in popularity among individual traders. As a result, public opinion slumped for the company, forcing its executives to rethink their plans for a public listing.

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