A report of Robinhood’s finances reveals the extent of its explosive growth and the importance of Dogecoin for the company
Despite recent scandals surrounding a hefty fine by Finra for not complying to supervisory standards, the growth of broker dealer Robinhood Markets Inc. seems unstoppable. Both retail trading as well as crypto exchange have increased in comparison to the prior year.
The first quarter of this year saw the app generate $522 million of revenue, a stark rise in comparison to $128 million in Q1 2020.
This was largely due to a significant spike of certain retail stocks like GameStop Corp. and AMC Entertainment Holdings Inc, but even more due to the increase of crypto trading.
17% of the revenue this quarter was generated through crypto trading, compared to 3% in 2020. Surprisingly, out of the seven cryptocurrencies for which Robinhood offers services, including Bitcoin, Litecoin and Ethereum, it is Dogecoin that exceeds in popularity and profitability. 34% of Robinhood’s crypto revenue was collected through the Shiba Inu meme coin.
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