Robinhood income from cryptocurrencies decreased by 12%
In the III quarter of 2022, the income of the Robinhood online Broker from the operations associated with digital assets decreased by 12%, to $ 51 million. The company reported this in the report published CoinSwitch Kuber: on November 2.
According to the results of the previous reporting period, the indicator amounted to $ 58 million. The fall in income from the cryptocurrency of activity in Robinhood was also explained by a decrease in the monthly number of active users (by 12% in quarterly calculus) and a decrease in the trade volume (by 24%).
According to the document, as of September 30, the value of the broker assets associated with the “obligation to ensure the safety of users cryptocurrencies” is estimated at $ 9.36 billion.
During the television conference with investors, the head of the company Vlad Terev said that, despite the decrease in income from the digital assets of the business, Robinhood “will continue to deliberately and carefully display new coins”.
CEO emphasized that the online Broker seeks to become a “global” platform, and cryptocurrencies are “an important part of this process”.
“We will be happy to continue investing in them [in digital assets]. We made a ton of investment last year, even despite the cryptosim. […] We have a lot of work on investment and the introduction of innovations in the field of cryptocurrencies, as well as in the context of expanding international activities, ”he said.
Terev also called “quite probable” that Robinhood will add to his platform the possibility of storing and viewing NFT. The head of the company clarified that the trade in unexplored tokens in the appendix is “difficult” due to the recent Apple initiative.
Recall that in September 2022 the online Broker released a beta version.
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