Robinhood Not Giving Up Crypto Despite Crypto Revenue Dropping 12% in Q3
Robinhood's CEO also announced the brokerage's plans to expand the Robinhood portfolio internationally in the coming months.
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Crypto and stock trading platform Robinhood highlighted the lagging of cryptocurrency revenue in the third quarter of 2022, though the results did little to dampen its ambition to serve the market, said said its CEO.
The trading platform announced its third quarter results on Nov. 2, with Robinhood executives reporting a 12% quarter-over-quarter drop in monthly active users (MAUs) and a 24% drop in on a quarter-to-quarter basis of the number of monthly active users. notional volume as two of the main drivers of a 12% decline in crypto revenue, reaching $51 million.
In an earnings report, the company attributed the decline in active users and trading volume to "customers continuing to navigate the volatile market environment."
Despite this, company executives said it will continue to invest its resources in the crypto space, including rolling out support for more cryptocurrencies, a new international wallet focused on retail and NFT-related features on its platform.
Robinhood rolled out the beta version of its Polygon-based Robinhood Web3 Wallet to 10,000 customers on September 27, including over a million on the waitlist. Robinhood also integrated Circle's USD Coin (USDC) stablecoin a day later.
During the conference call, Robinhood CEO Vladimir Tenev said the company plans to offer the Robinhood Wallet to its international retail base in the coming months.
Asked about Robinhood's plans for non-fungible tokens (NFTs), Tenev said they would likely incorporate a feature to view and hold NFTs in the near future...
Robinhood's CEO also announced the brokerage's plans to expand the Robinhood portfolio internationally in the coming months.
New
Crypto and stock trading platform Robinhood highlighted the lagging of cryptocurrency revenue in the third quarter of 2022, though the results did little to dampen its ambition to serve the market, said said its CEO.
The trading platform announced its third quarter results on Nov. 2, with Robinhood executives reporting a 12% quarter-over-quarter drop in monthly active users (MAUs) and a 24% drop in on a quarter-to-quarter basis of the number of monthly active users. notional volume as two of the main drivers of a 12% decline in crypto revenue, reaching $51 million.
In an earnings report, the company attributed the decline in active users and trading volume to "customers continuing to navigate the volatile market environment."
Despite this, company executives said it will continue to invest its resources in the crypto space, including rolling out support for more cryptocurrencies, a new international wallet focused on retail and NFT-related features on its platform.
Robinhood rolled out the beta version of its Polygon-based Robinhood Web3 Wallet to 10,000 customers on September 27, including over a million on the waitlist. Robinhood also integrated Circle's USD Coin (USDC) stablecoin a day later.
During the conference call, Robinhood CEO Vladimir Tenev said the company plans to offer the Robinhood Wallet to its international retail base in the coming months.
Asked about Robinhood's plans for non-fungible tokens (NFTs), Tenev said they would likely incorporate a feature to view and hold NFTs in the near future...
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