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Robinhood, the crypto-friendly on-line buying and selling platform, has skilled a big 18% lower in crypto buying and selling income within the second quarter, as revealed in its newest earnings launch.
These revenues fell to $31 million within the second quarter, making up 16% of the overall buying and selling income. These revenues stood at $38 million within the earlier quarter.
Crypto buying and selling wasn’t the one space impacted, both.
General transaction-based revenues noticed a drop of seven% to $193 million. Particularly, choices revenues registered a loss, dropping by 5% to $127 million, whereas equities additionally noticed a lower of seven%, touchdown at $25 million.
This drop in crypto buying and selling mirrors a lot of the present state of the crypto market, which has been rocked by occasions such because the implosion of Terra, the FTX collapse, and ongoing regulatory points stateside.
Robinhood additionally discontinued assist in June for a number of tokens recognized as securities within the SEC lawsuits towards crypto exchanges Binance and Coinbase: Cardano (ADA), Polygon (MATIC), and Solana (SOL).
Robinhood continues to supply buying and selling for 15 completely different cryptocurrencies, together with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Avalanche (AVAX).
Furthermore, the corporate managed to take care of $11.5 million in crypto below custody, matching the quantity held on the finish of the primary quarter.
Robinhood rolls with the punches
Regardless of the downturn in its buying and selling operations, Robinhood’s total second-quarter outcomes exceeded analyst estimates.
The corporate reported a ten% enhance in whole internet revenues to $486 million, primarily pushed by seasonally greater proxy income and elevated internet curiosity revenues.
Undeterred by the transaction-based income drop, Robinhood is forging forward with its growth plans. The corporate is gearing as much as launch its companies within the UK by year-end, having just lately onboarded Jordan Sinclair, a former Barclays govt, as the brand new CEO of its UK operations.
On the time of writing, Robinhood has not responded to Decrypt’s requests for remark.
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