2 years ago
Stock and crypto trading level Robinhood published its Q1 2023 results connected May 10.
The institution said that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, adjacent arsenic wide transaction gross accrued by 11%.
Robinhood additionally said it accrued its assets nether custody by 26% sequentially to scope $78 billion. It said this was mostly driven by higher marketplace values for cryptocurrency and maturation stocks arsenic good arsenic ongoing nett deposits.
The institution besides said that it continues to turn its crypto business. Robinhood noted that its crypto wallet app is present disposable to each iOS users. The app has been downloaded implicit 100,000 times to day by users successful 130 countries.
The institution besides highlighted the caller Robinhood Connect service, which allows users to entree Robinhood’s work from outer crypto wallets.
Robinhood expressed concerns implicit maturation successful its full SEC filing. It warned that gross volition diminution if it fails to pull and clasp customers. It specifically cited absorption to cryptocurrency and dissatisfaction with its debased fig of supported cryptocurrencies arsenic concerns.
The institution besides said successful that filing that it has $11.4 cardinal successful assets related to idiosyncratic crypto safeguarding work and $11.4 cardinal successful liabilities successful the aforesaid regard.
The station Robinhood saw $38M successful crypto transaction gross successful Q1 2023 appeared archetypal connected CryptoSlate.
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