Robinhood plans hiring spree amid explosion of interest in trading digital coins

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Vladimir Tenev. Noam Galai/Getty Images for TechCrunch via Businessinsider

Robinhood is planning to increase the number of its workers this year amid an explosion of interest in trading digital coins, CEO Vlad Tenev said.

“We’re actually growing our crypto team hugely this year,” Tenev said during a virtual “fireside chat” Robinhood posted to YouTube Thursday. “The business has just been going through exponential growth. We really hit an inflection point this year.”

The controversial Silicon Valley online broker has been hiring “a ton” of new employees as it works to roll out more cryptocurrency offerings — including the ability to move crypto assets to and from a user’s digital wallet, according to Tenev.

Tenev didn’t say exactly how many workers Robinhood will add to its crypto team, but he said the startup would be able to expand the operation faster when it has “hundreds of people” on board.

Robinhood’s crypto business has boomed this year as bitcoin prices soared and a growing number of major companies such as Tesla and Square added it to their balance sheets. “The business has just been going through exponential growth”, the CEO said