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Dogecoin

Robinhood Revenue Boosted By Dogecoin In Q2

by Miki 08/19/2021
by Miki 08/19/2021 0 comment

Robinhood’s crypto revenue, which is estimated at $145 million, is derived in large part from Dogecoin trades, which account for 62% of the total.

The company, in the second quarter of 2021, generated net revenue of $565 million, a 131% increase compared to the second quarter of 2020.

Its cryptocurrency revenue grew by over 4500% in the second quarter of 2021, from $5 million to $233 million compared to the same quarter in 2020. According to the report, more than 60% of Robinhood accounts funded in Q2 2021 traded digital assets.

Vlad Teev, co-founder and CEO of Robinhood said, “I am particularly pleased with the progress we made with the crypto services in Q2… We are encouraged by how many individuals are gaining access to the financial system through Robinhood.”

Approximately 80% of its net revenue, which equals approximately $451 million, was generated by transactions, which increased by 141% from the last quarter to the previous one. An exponential increase in monthly active users of 109% year-over-year (YoY) from 10.2 million to 21.3 million, as well as an increase in funded accounts of 130% during the same time period, is responsible for this growth.

Even though crypto revenue surged in Q2, Robinhood posted an overall loss of $502 million. Accounting adjustments related to fluctuating warrants and notes held by the company are responsible for the losses.

During the company’s earnings call, Chief Financial Officer Jason Warnick stated, “Transaction-based revenues were $451 million in Q2, up 141% year-over-year, driven by strong interest in crypto during the quarter and growth in our user base.”.

There was a significant increase in active crypto traders in Q2 compared to Q1. At the same time, our equity activity decreased as our clients’ interests shifted to crypto.

In Q2, cryptocurrency revenues grew to $233 million, up from $5 million last year. With the advent of cryptocurrency trading, Robinhood has clearly become a household name.

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The New Jersey Crypto News
  • Home
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  • Learn
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      How to Trade Futures Contracts on Changelly PRO

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      Learn

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      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

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