Amid Ethereum, Dogecoin surge, Robinhood craps out
This is not the first time Robinhood has struggled with crypto demand
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As the cryptocurrency rage continues, trading platform Robinhood is having trouble keeping up.
The company experienced an outage Tuesday morning as Ethereum and Dogecoin hit fresh records, before getting back online at 11:14 a.m. ET, according to an update on Twitter.
Ethereum, which is the second-largest cryptocurrency behind Bitcoin, with a market value of $379 billion, rose to the $3,400 level before pulling back.
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Many Robinhood customers vented on social media as this is not the first time the platform has had issues with cryptos. In late April, a similar pattern was reported with "buying power not updating right away" as detailed in a Twitter update. Robinhood declined to provide more specifics to FOX Business.
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Robinhood crypto customers are growing at a rapid pace. Robinhood has seen six million new cryptocurrency traders on its platform in the first two months of 2021.
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At the time, co-founder Vlad Tenev noted, "That's more than the number of new crypto traders at Robinhood during the entirety of 2020."
The company last month disclosed it was the No. 1 downloaded free app on the Apple app store.