Key Points:
- Robinhood’s crypto assets under custody rose to $11.5B, up from $8.4B in 2022.
- Q1 earnings were $78B, helped by higher market valuations for both crypto and growth stocks.
- Robinhood executives say they have potential to grow their market share in the crypto offerings.
Robinhood, a company that enables trading of cryptocurrencies, is showing signs of progress in its business lines.
According to the company’s first quarter earnings report, released after the close of the market in New York on Wednesday, Robinhood’s assets under custody have increased to $78 billion. The company attributes this rise to the higher market valuations of both crypto assets and growth stocks.
At the end of the first quarter, Robinhood custodied $11.5 billion in crypto assets on behalf of its clients. This represents a notable increase from the $8.4 billion it had at the end of 2022.
While there was a slight decline in crypto transactions revenue, which fell to $38 million, this represents only a 1% decrease from the fourth quarter. During that period, Robinhood’s crypto business, along with its competitors, was heavily impacted.
RB executives expressed optimism about the potential to grow their market share in the crypto offerings, and they are committed to keeping their pricing competitive. They also said they have been very deliberate in the way they expand their coin offering, in light of the increasing regulatory scrutiny faced by the crypto environment.
RB executives acknowledged their “respect” for US securities regulation efforts, but added that “additional regulatory clarity would be super helpful.”
The company also announced that its Robinhood Wallet is now available globally via the Apple App Store.
Last year, Robinhood’s cryptocurrency division was hit with a $30 million fine from New York’s financial regulator for failing to sufficiently resource its compliance programs. Despite this setback, the company remains bullish about the future of its crypto business lines.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
News
Robinhood Dominates Crypto Custody With $11.5B In Q1
Key Points:
- Robinhood’s crypto assets under custody rose to $11.5B, up from $8.4B in 2022.
- Q1 earnings were $78B, helped by higher market valuations for both crypto and growth stocks.
- Robinhood executives say they have potential to grow their market share in the crypto offerings.
Robinhood, a company that enables trading of cryptocurrencies, is showing signs of progress in its business lines.
According to the company’s first quarter earnings report, released after the close of the market in New York on Wednesday, Robinhood’s assets under custody have increased to $78 billion. The company attributes this rise to the higher market valuations of both crypto assets and growth stocks.
At the end of the first quarter, Robinhood custodied $11.5 billion in crypto assets on behalf of its clients. This represents a notable increase from the $8.4 billion it had at the end of 2022.
While there was a slight decline in crypto transactions revenue, which fell to $38 million, this represents only a 1% decrease from the fourth quarter. During that period, Robinhood’s crypto business, along with its competitors, was heavily impacted.
RB executives expressed optimism about the potential to grow their market share in the crypto offerings, and they are committed to keeping their pricing competitive. They also said they have been very deliberate in the way they expand their coin offering, in light of the increasing regulatory scrutiny faced by the crypto environment.
RB executives acknowledged their “respect” for US securities regulation efforts, but added that “additional regulatory clarity would be super helpful.”
The company also announced that its Robinhood Wallet is now available globally via the Apple App Store.
Last year, Robinhood’s cryptocurrency division was hit with a $30 million fine from New York’s financial regulator for failing to sufficiently resource its compliance programs. Despite this setback, the company remains bullish about the future of its crypto business lines.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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