Robinhood: Dogecoin brings trading prosperity and will launch crypto wallet

On Wednesday (18th) Eastern time, AOL broker Robinhood (Robinhood) announced its first quarterly earnings report after listing. Thanks to the surge in cryptocurrency transactions, Robinhood’s revenue in the second quarter more than doubled year-on-year.

According to the financial report, Robinhood’s second-quarter revenue increased by more than 131% from US$244 million in the same period last year to US$565 million, which was in line with company expectations.

Robinhood’s transaction revenue in the second quarter reached 451 million U.S. dollars, and cryptocurrency transaction revenue accounted for more than 50%-reaching 233 million U.S. dollars, a 4560% increase from 5 million U.S. dollars in the same period last year. Of this, 62% of cryptocurrency transaction revenue comes from Dogecoin . Robinhood warned that if the trading activity of Dogecoin slows down, it may affect the company’s performance.

In addition, in Robinhood’s trading income in the second quarter, option transactions contributed $165 million and stock transactions contributed $52 million.

Despite the sharp increase in revenue, Robinhood reported a net loss of US$502 million (equivalent to a loss of US$2.16 per share) in the second quarter, which was within the expected net loss range.

In terms of user operations, Robinhood’s monthly active users in the second quarter increased by 109% year-on-year to 21.3 million, compared with 10.2 million in the same period last year.

In addition, Robinhood CEO Vlad Tenev shared the company’s encryption plan on Wednesday’s earnings conference call, including listing more encrypted assets, providing users with “interest and rewards,” and plans to add a crypto wallet so that users can access the platform. Transfer cryptocurrency inside and outside. Tenev said: “I know that the crypto community and the DOGE community have great enthusiasm for acquiring encrypted wallets, and the company is very happy to introduce this product to customers. However, it is difficult to integrate wallets on a scale, and I hope to make the wallet as safe as possible. It may be perfect”. As for the specific launch time of the encrypted wallet, Tenev did not disclose.

Robinhood first launched cryptocurrency trading in 2018, and the business has surged in the past few years. Robinhood provides seven different digital currency transactions, including BTC , ETH and LTC . On July 30, Beijing time, Robinhood landed on Nasdaq under the trading code “HOOD”. Robinhood’s zero-commission pricing model is very popular among retail investors and is regarded as a “retail investor base” and is the main gateway for young investors to enter the market.

At present, Robinhood has a market value of US$41.617 billion. The world’s well-known venture capital companies NEA Capital (New Enterprise Associates) and Index Ventures are its main shareholders.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/robinhood-dogecoin-brings-trading-prosperity-and-will-launch-crypto-wallet/
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