9.5 million Robinhood users traded cryptocurrencies in the first quarter, compared to 1.7 million in the last quarter of 2020

Vladimir Tenev, co-founder of Robinhood.

Noam Galai/Getty Images for TechCrunch

Trading app Robinhood said 9.5 million customers traded cryptocurrency during the first quarter of 2021, soaring from 1.7 million crypto traders on the platform in the last quarter of 2020.

Robinhood shared the figure in a blog post on Thursday in which it highlighted its Robinhood Crypto platform that it launched in 2018. "This year in particular has been a big one," it said about activity in 2021.

There's been a pickup this year in the number of financial institutions and other companies saying they will allow their customers to use or to gain access to cryptocurrencies and the blockchain technology that backs them. Investment bank Goldman Sachs is looking into ways to support their clients' desire to own cryptocurrencies and other digital assets, CEO David Solomon said Tuesday in a CNBC "Squawk Box" interview. Tesla's CEO Elon Musk last month said the electric vehicle maker will accept bitcoin as payment.

Robinhood said its customers have access to seven tradable coins including bitcoin, dogecoin and ethereum.

"The prospect of an open and decentralized global financial system, one where everyone can have access to financial services, strongly aligned with Robinhood's mission–so democratizing cryptocurrency trading felt like a natural next step," said Robinhood.

Read the original article on Business Insider