Robinhood saw $38M in crypto transaction revenue in Q1 2023
Inventory and crypto buying and selling platform Robinhood revealed its Q1 2023 outcomes on May 10.
The corporate mentioned that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, whilst total transaction income elevated by 11%.
Robinhood moreover mentioned it elevated its property underneath custody by 26% sequentially to achieve $78 billion. It mentioned this was largely pushed by greater market values for cryptocurrency and development shares in addition to ongoing internet deposits.
The corporate additionally mentioned that it continues to develop its crypto enterprise. Robinhood famous that its crypto pockets app is now accessible to all iOS customers. The app has been downloaded over 100,000 instances so far by customers in 130 international locations.
The corporate additionally highlighted the brand new Robinhood Join service, which permits customers to entry Robinhood’s service from exterior crypto wallets.
Robinhood expressed considerations over development in its full SEC filing. It warned that income will decline if it fails to draw and retain clients. It particularly cited resistance to cryptocurrency and dissatisfaction with its low variety of supported cryptocurrencies as considerations.
The corporate additionally mentioned in that submitting that it has $11.4 billion in property associated to consumer crypto safeguarding obligation and $11.4 billion in liabilities in the identical regard.
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