Last Updated on May 11, 2023 by Bitfinsider
During the first quarter of this year, Robinhood’s cryptocurrency trading revenues decreased by 30% to $38 million. During the same quarter in 2022, the company reported $54 million in trading revenues.
Despite a recent increase in the prices of bitcoin and ethereum, revenue has declined in recent months.
In the fourth quarter of 2018, Robinhood’s cryptocurrency transaction revenue decreased 24% to $39 million, which was significantly lower than the company’s booming second quarter of 2021, when digital-asset trading revenues reached $240 million.
Additionally, Robinhood reported that its crypto assets “under custody” decreased by 42% annually to $12 billion.
Robinhood CEO Vlad Tenev, however, has been persistently bullish about the long-term prospects for crypto. In March, the company rolled out a digital wallet, which supports both the Polygon and Ethereum networks, to its iOS customers around the world. Currently, there is a waiting list for Robinhood’s Android wallet, which is expected to be available later this year.
In the wake of FTX’s demise, which resulted in significant user losses, Robinhood has attempted to position itself as a safe and secure platform for crypto traders. At the end of last year Tenev said his company gained some market share after FTX’s dissolution.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
