You are here
Home > All Crypto > 62% of Robinhood’s Q2 crypto income was from Dogecoin buying and selling

62% of Robinhood’s Q2 crypto income was from Dogecoin buying and selling

Widespread retail buying and selling app, Robinhood, has revealed crypto buying and selling surged in recognition on the platform and now represents 41% of its income.

In response to its second-quarter monetary outcomes revealed Aug. 18, the agency generated $233 million from crypto buying and selling providers for the quarter, up from $5 million for the whole thing of 2020. Greater than 60% of funded Robinhood accounts traded digital belongings throughout Q2 2021.

With early 2021 witnessing the speculative dog-token buying and selling frenzy, a whopping 62% of Robinhood’s crypto income was derived from Dogecoin trades.

The earnings report is the primary launched by Robinhood because it turned a public firm. Vlad Teev, co-founder and CEO of Robinhood, said:

“We’re inspired by the variety of people who find themselves accessing the monetary system for the primary time by Robinhood.”

Income tagged $565 million for the quarter total, a 131% improve in comparison with Q2 2020’s $244 million. Month-to-month lively customers greater than doubled year-over-year (YoY) from 10.2 million to 21.3 million, whereas funded accounts elevated by 130% over the identical interval.

The worth of belongings custodied by Robinhood additionally tripled YoY to tag $102 billion.

Regardless of the surging crypto income, Robinhood reported an total lack of $464 million for Q2. Nonetheless, the losses are attributed to accounting changes pertaining to the fluctuating warrants and notes held by the corporate.

Associated: Robinhood shareholders need crypto wallets and a hat