Online broker Robinhood says the number of female cryptocurrency traders on the platform has grown seven-fold compared to the end of 2020.
In a blog post, Robinhood acknowledged that female crypto traders remain underrepresented on the platform despite the growth.
Robinhood notes that with men accounting for most active traders, the playing field is leveling. This is an indicator cryptocurrencies can play a role in decentralizing power in finance.
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“Robinhood Crypto compared with our total active customer base, it is notable that 40 percent of Robinhood active women customers are crypto traders,” Robinhood said.
The broker partly attributes the rise in women traders to the provision of necessary educational materials. This is in line with a previous study by Grayscale that suggested that women remain skeptical about joining the crypto space due to a lack of educational resources.
Bitcoin rally impact on Robinhood users
The surge in female traders outlines the impact of the recent Bitcoin bull run. With Bitcoin hitting a new all-time of $58,300 in 2021, apps like Robinhood recorded an influx of traders who did not want to miss out on the rally.
The platform’s crypto segment has added about 6 million new customers since the beginning of 2021.
Robinhood currently allows users to trade in seven coins: Bitcoin, bitcoin cash, bitcoin SV, dogecoin, ether, ether classic, and litecoin.
Meanwhile, the value of Bitcoin has surged by about 97% this year. By press time, the asset was trading at $56,511, according to data provided by Finviz.com.
The new rally was mainly inspired by institutional investors like Tesla (NASDAQ: TSLA), who invested $1.5 billion in Bitcoin. Elsewhere, the entry of other service providers like PayPal (NASDAQ: PYPL) also added to investors’ sentiments.