Robinhood’s 62% of Q2 crypto revenue was from DOGE trading
Approximately 41% of Robinhood’s Q2 crypto revenue is generated from crypto trading.
Robinhood, The well known retail trading application, has declared that as crypto’s popularity surged on the platform its revenue from crypto trading is nearly 41%.
As per its Q2 financial results published on 18 Aug, The company generated $233 M from crypto trading for its Q2, which is up from $5 M for the total revenue of 2020. More than 60% registered users of Robinhood are trading digital assets during Q2 2021.
With the earlier in 2021 DOGE trading frenzy, a whopping 62% of Robinhood’s crypto revenue was from DOGE trades.
The earnings report is the first released by Robinhood since it became a public company. Co-founder and CEO of Robinhood, Vlad Teev said:
“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood.”
Revenue was $565 M for the quarter overall, a 131% increase compared to Q2 2020’s $244 M. Monthly active users more than doubled year-over-year (YoY) from 10.2 M to 21.3 M, while funded accounts increased by 130% over the same period.
The value of assets custodied by Robinhood also tripled YoY to tag $102 B.