Crypto Guide

Robinhood’s Crypto Income Fell 12% in Q3

key takeaways

  • Robinhood’s cryptocurrency buying and selling income fell 12% to $51 million in the course of the third quarter of 2022.
  • The corporate nonetheless posted development in different sectors and noticed a decrease than anticipated internet loss.
  • Robinhood additionally listed new crypto belongings this quarter and expanded entry to its personal cryptocurrency pockets.

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Robinhood noticed a lower in cryptocurrency buying and selling income within the third quarter, regardless of general lower-than-expected losses.

Robinhood Crypto Income Falls to $51M

Robinhood’s crypto transaction income is down.

Robinhood’s crypto buying and selling income fell 12% to $51 million in Q3 2022, in response to a press launch.

Earlier stories indicated that the agency noticed $58 million in cryptocurrency transaction income in Q2 2022. Moreover, the corporate noticed crypto buying and selling income of $54 million in Q1 2022 and $88 million in Q1 2022.

Robinhood highlighted in its report that it has not too long ago expanded its cryptocurrency capabilities. In September, the corporate launched a beta model of its personal cryptocurrency pockets to the primary 10,000 customers on its ready checklist.

The corporate added assist for varied new belongings within the third quarter together with Cardano (ADA), Uniswap (UNI), Stellar Lumens (XLM) and Avalanche (AVX). Maybe most notably, it added USDC, its first stablecoin. These new listings apparently didn’t improve the corporate’s transaction income.

Robinhood’s press launch mentions no much less constructive occasions that occurred within the third quarter. In August, the New York Division of Monetary Providers fined the crypto arm of the corporate $30 million. In the identical month, Robinhood fired 23% of its staff because of the weak crypto market.

Regardless of its crypto losses this quarter, Robinhood has seen elevated exercise in different areas. The agency noticed choices income rise 10% to $124 million and fairness income up 7% to $31 million in Q3.

Robinhood skilled a internet lack of $175 million within the third quarter—considerably lower than its internet lack of $295 million within the prior quarter. The corporate’s complete internet income elevated 14% sequentially to $361 million in Q3.

The truth that Robinhood suffered lower-than-expected losses added marginal features to the worth of its inventory (HOOD). Shares rose 1.5% after hours, regardless of falling greater than 4% earlier, in response to the Wall Avenue Journal.

Disclosure: The creator of this text held BTC, ETH and different digital belongings on the time of writing.

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