AIBC

34% of Robinhood’s crypto revenue due to Dogecoin

Posted:Jul 02, 2021 10:44 Category: Blockchain , Crypto , Posted by AIBC Group

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.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Related Posts

Europe pioneers new era of…

The European Commission is taking significant steps towards adopting blockchain technology to revolutionise the verification process of educational and professional…

First digital bond for Israel

The Tel Aviv Stock Exchange in collaboration with the Israeli Ministry of Finance and three leading tech companies issued the…

UK PM announces AI focused…

UK Prime Minister, Rishi Sunak, has announced plans to host a global summit regarding Artificial Intelligence (AI) a landmark move…

Crypto market in turmoil as…

The U.S. Securities and Exchange Commission has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO,…