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Inventory and crypto buying and selling platform Robinhood printed its Q1 2023 outcomes on Might 10.
The corporate mentioned that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, whilst total transaction income elevated by 11%.
Robinhood moreover mentioned it elevated its belongings below custody by 26% sequentially to succeed in $78 billion. It mentioned this was largely pushed by greater market values for cryptocurrency and progress shares in addition to ongoing web deposits.
The corporate additionally mentioned that it continues to develop its crypto enterprise. Robinhood famous that its crypto pockets app is now obtainable to all iOS customers. The app has been downloaded over 100,000 instances up to now by customers in 130 international locations.
The corporate additionally highlighted the brand new Robinhood Join service, which permits customers to entry Robinhood’s service from exterior crypto wallets.
Robinhood expressed considerations over progress in its full SEC submitting. It warned that income will decline if it fails to draw and retain clients. It particularly cited resistance to cryptocurrency and dissatisfaction with its low variety of supported cryptocurrencies as considerations.
The corporate additionally mentioned in that submitting that it has $11.4 billion in belongings associated to consumer crypto safeguarding obligation and $11.4 billion in liabilities in the identical regard.
The put up Robinhood noticed $38M in crypto transaction income in Q1 2023 appeared first on CryptoSlate.
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