Robinhood Q3 earnings report reveals plans to launch crypto services in EU

Robinhood has revealed plans to motorboat cryptocurrency trading successful the European Union soon aft receiving regulatory approval.

The institution elaborate its maturation roadmap successful its 3rd 4th 2023 earnings report connected Nov. 7. The EU crypto rollout is intended to travel aft the steadfast launches brokerage services successful the UK, which it says it expects successful the coming weeks. ”

Robinhood’s propulsion into Europe comes contempt a caller dip successful crypto gross amid bearish marketplace conditions. Cryptocurrency transaction gross fell 55% year-over-year to $23 cardinal successful Q3 2023, down from $51 cardinal successful Q3 2022.

Crypto enactment present makes up conscionable 12% of Robinhood’s full transaction revenue. However, the institution remains focused connected offering crypto products internationally to grow its lawsuit base.

Robinhood CEO Vlad Tenev said:

“Looking ahead, we stay focused connected providing industry-leading products that service acold much of customers’ fiscal needs, gaining marketplace share, expanding internationally, and continuing to alteration the manufacture for the better.”

While crypto slowed, Robinhood saw important maturation successful different areas. Net involvement gross jumped 96% year-over-year to $251 cardinal owed to higher involvement rates and rising interest-earning assets. Overall gross accrued 29% from Q3 2022.

Robinhood besides reported 360,000 caller funded accounts successful Q3 2023, bringing full funded accounts to 23.3 million. However, monthly progressive users declined 16% to 10.3 million.

The level aims to boost engagement by enhancing existing products similar Gold subscriptions, extended hours trading, and status accounts. New merchandise offerings successful the pipeline see launching futures trading.

As Robinhood expands abroad, it faces the situation of navigating divers regulatory environments. However, the institution remains assured that its mobile-first attack tin pull caller crypto traders internationally contempt marketplace volatility.

The station Robinhood Q3 net study reveals plans to motorboat crypto services successful EU appeared archetypal connected CryptoSlate.