DOGE accounted for 62% of Robinhood’s crypto sales in the second quarter
Robinhood has announced Announce second quarter monetary outcomes on Wednesday, August 18th. Total transaction-based income rose 141% yr over yr from $ 187 million to $ 451 million, of which greater than half was in cryptocurrencies, from $ 5 million to $ 233 million.
“Robinhood customers have shown significant interest in crypto, with over 60% of our accounts trading crypto in the second quarter. The second quarter was the first quarter when a large number of new customers made their first trade in cryptocurrencies instead of stocks, ”the report stated.
Vlad Tenev, CEO and Co-Founder of Robinhood, commented:
“We are inspired by the quantity of new customers accessing the monetary system for the first time via Robinhood. We’re excited to broaden our attain with merchandise like commission-free crypto trading, which has grown strongly this quarter particularly for feminine traders, and IPOs. Access – gives prospects the alternative to speculate in firms at the IPO price. “
Robinhood launched its IPO product Access on May twentieth, providing prospects “access to shares of multiple IPOs at the same price as an institutional investor and with a high net worth”.
Robinhood’s Chief Financial Officer (CFO) Jason Warnick stated on the firm’s convention name:
“Although we currently support a portfolio of seven cryptocurrencies for trading, 62% of the crypto trading volume in the second quarter was Dogecoin, of which only 34% was in the first quarter.” However, Robinhood might be affected “if the Dogecoin market adjustments deteriorates or the DOGE price falls, together with elements reminiscent of unfavorable perceptions of Dogecoin or the rising availability of Dogecoin on cryptocurrency exchanges. Another fatality “.
As curiosity in cryptocurrencies grows, Robinhood has discovered that its month-to-month energetic customers have greater than doubled yr over yr.
Robinhood closed the report cautiously, predicting a market downturn.
According to AZCoin News