Vlad Tenev, CEO of brokerage platform Robinhood, said the company is planning to grow its crypto team "hugely" this year.
- Speaking in a video Q&A with customers, Tenev said Robinhood wants to "make a huge investment and hire a ton of people" for its crypto business.
- He referred to the recent spike in demand the platform has witnessed with 6 million new customers trading crypto for the first time this year just by the middle of February.
- The Robinhood CEO had been answering a question from a customer who wished to see the platform "take a bite out of Coinbase."
- "We hear you on that," Tenev responded, adding that the platform's focus is to ensure the system is stable and reliable to be able to respond to exponential growth.
- Robinhood announced Wednesday it has hired former Google executive Apanra Chennapragada as its first chief product officer.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.