Robinhood Report: Over 60% of users traded cryptocurrencies in Q2, bringing in $233 million in revenue
This article comes fromDecrypt, original author: Jeff John Roberts
Odaily Translator | Nian Yin Si Tang
Summary:
This article comes from
, original author: Jeff John Roberts
Odaily Translator | Nian Yin Si Tang
Summary:Report- Robinhood achieved significant crypto growth in Q2;
- The company’s CEO cites the cryptocurrency business and growing female users as highlights;
- The news was revealed as part of Robinhood's quarterly earnings report.
Robinhood, an online US stock brokerage, released a report today
mentioned that the popularity of cryptocurrencies on its platform has grown significantly, with more new users buying cryptocurrencies than stocks in their first transactions in the three months to June 30. The company also disclosed that more than 60% of its funding accounts were traded in cryptocurrencies during the period.riskThe figures were released during the company's second-quarter earnings report, Robinhood's first since it went public in July.
The report disclosed that Robinhood lost $464 million in the second quarter of 2021—a significant figure, but not indicative of the company's overall performance, as all losses came from the value of notes and warrants held with the company. Accounting adjustments related to the change.
In the second quarter of 2021, Robinhood's revenue grew to $565 million, a 131% increase from the same period last year. Cryptocurrency revenue was $233 million, a huge increase from the $5 million in crypto revenue the company earned in the second quarter of 2020.
Crypto revenue accounted for 41% of Robinhood's total revenue in the second quarter, compared to 17% in the first quarter. Meanwhile, Dogecoin (Dogecoin) accounted for 62% of its crypto revenue, almost double the share in the first quarter (in both quarters, Robinhood cited reliance on Dogecoin revenue as a challenge for the company.
risk
one).“For the three months ending June 30, 2021, 41 percent of our total revenue came from cryptocurrency trading revenues, compared to 17 percent for the three months ending March 31, 2021,” the report states. While we currently support a trading portfolio of seven cryptocurrencies, for the three months ending June 30, 2021, 62% of our cryptocurrency-based trading revenue came from trading Dogecoin, and for the three months ending March 31, 2021 In three months it was 34 percent."In a statement, Robinhood CEO Vlad Tenev singled out strong growth in the company’s crypto business and female users.
