Why Tech Darlings Robinhood and Square Don’t Care About Cryptocurrency Profits

Robinhood, a major stock trading app based in the US, whose valuation surged from $1.5 billion to $6 billion after integrating cryptocurrency, said that the company does not expect to generate large profits in the near future, and the company is fine with it.

Vlad Tenev, the co-CEO of Robinhood, said that more than 200,000 new customers registered to Robinhood Crypto on a daily basis following the launch of the company’s cryptocurrency trading platform. Upon the integration of crypto, Robinhood became the second most valuable fintech startup with more than 4 million users, all of whom are based in the US.