Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Cryptocurrency

Robinhood’s second-quarter earnings show crypto has become the driving force of growth in the investment app’s revenue.

Crypto grows from 2% to 41% of Robinhood’s total revenue in past year

Between Q2 2020 and Q2 2021, transaction-based revenues from cryptocurrency trading increased by a jaw-dropping 4,282%.

Total transaction-based revenue was $451 million, forming the bulk of the firm’s $565 million revenue in Q2. Crypto transaction fees were, consequently, responsible for the lion’s share of growth between 2020 and 2021. Robinhood’s filing also notes that 62% of its cryptocurrency transaction-based revenue was attributable to Dogecoin trades.

That change has happened alongside a rise in user interest in crypto. “Robinhood’s customers demonstrated significant interest in cryptocurrencies, with over 60% of our net cumulative funded accounts trading in crypto during the second quarter,” the firm said.

As The Block previously noted, the firm has grown more reliant on crypto while revenues from payment for order flow for stock trades have declined during the second quarter. 

the blockcrypto

Featured

NFT

Worldwide music and entertainment giant Warner Music Group (WMG) has joined forces with OpenSea to introduce dedicated landing pages for their artists. The WMG roster will...

Finance

Though the recent months haven’t been very good for the crypto industry, this could not deter some crypto investors from being bullish about this...

Altcoin

The down-trending market that took its resistance from $1.35134 on the 10th of September did not go too far before it begins to face...

Crypto News

Robinhood, a leading investment app, has rolled out its newest product — a crypto wallet that charges zero transaction fees to its users. For...