Crypto Revenue of Robinhood Drops by 39%

Robinhood Into Crypto Industry

Even in the face of volatility, Robinhood is looking to diversify its trading operations by entering the crypto market. More than 2 million people now have access to its crypto wallet. In addition, the wallet now supports the famous memecoin, Shiba Inu. As part of the app’s plan expansion into Europe, a UK-based cryptocurrency platform called Ziglu was purchased by the app. However, the company’s decision to enter the crypto market comes at a time when the retail trading boom, thus impacting the app’s user growth. If you look at the company’s monthly active users, they fell by 10% to 15.9 million. More statistics show a 62% drop in average income per user. As a result, this indicates that even those users who remained were using the app less frequently. Following the crypto industry, competition is tight for Robinhood’s foray into the cryptocurrency market. Some of the most established participants in the United States are FTX, Binance, and Coinbase. These platforms have a large customer base and offer a wide range of crypto-related services, such as staking and DeFi lending. Cryptocurrency makes up more than a quarter of Robinhood’s income. However, CEO Vlad Tenev says it is not a source of income. Instead, he says, the segment is a long-term attraction for new users.



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