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Robinhood published its Q2 financial results on Wednesday with figures showing that crypto trading on the platform has dramatically grown in popularity and brings in 41% of the total revenue. Following the frantic Doge hype in the first months of the year, 62% of the crypto earnings came from Dogecoin.
The popular retail trading app generated $233 million from crypto trading services in the second quarter, up from only $5 million for in the entire previous calenda year. It was confirmed that 60% of active Robinhood accounts bought or sold digital assets in the last quarter. The total value of assets in custody by Robinhood tripled in a year time and is at $102 billion.
Vlad Teev, co-founder and Robinhood Chief Executive Officer, stated:
“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood.”
The entire second quarter tapped $565 million overall for a 131% increase year on year. Robinhood also more than doubled its active users compared to a year ago. Totals grew from 10.2 million to 21.3 million users. Monthly active users more than doubled year-over-year (YoY) from 10.2 million to 21.3 million, while funded accounts increased by 130% over the same period.
Despite the massive crypto revenue, Q2 goes in the books with an overall loss of $464 for the company. However, nothing to worry about, the company attributes the losses to certain accounting adjustments.
Three weeks ago, Teev announced that the is considering expanding its offerings by adding new crypto features. One of those the ability for users to transfer assets into external crypto wallets.
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Author: Peter Siu