Mentioned:
HOOD -6.63% COIN -7.09%
Robinhood has been getting extremely focused on crypto. And it’s starting to pay off.
What’s happening:
- Robinhood (NASDAQ: HOOD) has seen a massive surge in revenue from crypto trading in their most recent quarter of operations
By the numbers:
- Robinhood’s crypto trading revenue soared by more than 700% year over year in their most recent quarter, bringing in a total of $358M USD
- Crypto trading volume on Robinhood also was up more than 400% year over year in their most recent quarter, which significantly surpassed the growth of equities trading volume on Robinhood
- Robinhood also has continued to aggressively expand the accessibility on trading crypto on their brokerage platform, adding 7 new digital assets for users in the United States and launching Ethereum staking for users in Europe
Why it matters:
- Robinhood’s recent revenue surge from crypto trading might be the beginning of a new paradigm shift around where individuals will trade digital assets in the United States, which has previously been completely dominated by Coinbase (NASDAQ: COIN)
Going deeper:
- Robinhood has also continued to make disruptive new moves to be on the leading edge of the future of trading and investing beyond just crypto, including previously becoming the first large scale brokerage in America to roll out the ability to bet on real world events
