- Robinhood saw its cryptocurrency transaction revenue fall 12% to $51 million during the third quarter of 2022 .
- The company nevertheless reported growth in other areas and saw lower-than-expected net losses.
- Robinhood also listed new crypto assets and extended access to its self-custodied crypto wallet this quarter.
Share this article
Robinhood saw reduced crypto transaction revenue in Q3 despite posting lower-than-expected losses overall.
Robinhood Crypto Revenue Falls to $51M
Robinhood’s crypto transaction revenue is down.
According to a press release, Robinhood saw its crypto transaction revenue fall 12% to $51 million in Q3 2022.
Earlier reports indicate that the firm saw $58 million in cryptocurrency transaction revenue in Q2 2022. Furthermore, the company saw cryptocurrency transaction revenue of $54 million in Q1 2022 and $88 million in Q1 2022.
Robinhood highlighted in its report that it has recently extended its crypto features. In September, the company rolled out the beta version of its self-custodied crypto wallet to the first 10,000 users on its waitlist.
The company also added support for various new assets in Q3, including Cardano (ADA), Uniswap (UNI), Stellar Lumens (XLM), and Avalanche (AVAX). Perhaps most notably, it added USDC, its first stablecoin. These new listings apparently did not drive up the company’s transaction revenue.
Robinhood’s press release does not mention less positive events that took place in Q3. In August, the New York Department of Financial Services fined the company’s crypto arm $30 million. The same month, Robinhood laid off 23% of its staff due to a weak crypto market.
Despite its cryptocurrency losses this quarter, Robinhood saw increased activity in other areas. The firm saw options revenue grow 10% to $124 million and saw equities revenue grow 7% to $31 million in Q3.
Robinhood experienced net losses of $175 million in Q3—considerably lower than its net loss of $295 million in the previous quarter. The company’s total net revenues increased 14% sequentially to $361 million in Q3.
The fact that Robinhood faced lower losses than expected has moderately benefited the value of its stock (HOOD). According to the Wall Street Journal, shares rose 1.5% after hours despite falling more than than 4% earlier.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other digital assets.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source by cryptobriefing.com