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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Robinhood's Chief Brokerage Officer Says Cryptocurrencies Will Accelerate "Easiest" Way to Globalize;

- The executive also railed against "meme stocks," saying the securities "might be just a fad."

Steve Quirk, chief brokerage officer at stock and crypto trading platform Robinhood, said the firm is looking to expand internationally through a "crypto-first" approach.Quirk was recently atIn an interview with CNBC

Robinhood is looking to expand its brand overseas, and cryptocurrencies will provide the biggest boost to the company's expansion, he said.

"It's probably the easiest way to go global from a regulatory and other standpoint," Quirk said.

The executive also took a stance on the "meme stock phenomenon" in 2021, saying it might just be a "fad."

"The only thing I'd say is I'm only going to tell you based on what I've seen of customer behavior that these aren't even on the minority list of companies that have been traded."

As early as 2021, Robinhood users willaccuseaccuseThe brokerage firm suspended trading in GameStop stock and other "meme stock" securities as retail traders tried toshort squeeze

(squeeze) is caused by the buying enthusiasm generated by the short positions of large Wall Street companies.

Robinhood last monthAnnounceAnnounce

, selected 1,000 customers from a waiting list to launch a beta version of the crypto wallet WenWallets.

Robinhood will expand the test to 10,000 customers by March, and then further expand it to others on the WenWallets waitlist.

The company said it will add a feature for customers to calculate dollar amounts for sending and receiving cryptocurrencies. Beta testers have a total daily withdrawal limit of $2,999, up to 10 transactions per day, and require two-factor authentication to be enabled. Testers will help Robinhood evaluate the wallet's functionality and provide feedback to the company.

International expansion plans, led by cryptocurrencies, could help boost the company's dismal earnings last year and boost its stock price. Currently, U.S. regulations restrict access to platform users from outside the country.On Jan. 28, Robinhood reported an underwhelming quarterly earnings report.reported a net loss of $423 million. inCrypto revenue is $48 million

, down 6% from the previous quarter, below the average estimate of $55 million by analysts surveyed by Bloomberg. Robinhood said in its earnings report at the time that it was preparing for a full launch of its crypto wallet in the first quarter and also planned to offer its crypto platform to international customers this year.

During the same period, Robinhood shares fell 15% in after-hours trading to a low of $9.77. As of press time, the company's stock has rebounded 34% from its January 28 low to around $13.52.