Robinhood, an American financial services firm, has recently released its earnings results. According to the company’s earnings results, the firm reported cryptocurrency trading revenue of $38 million for the first quarter of 2023. This figure is 30% down in comparison to the $54 million for the year-over-year timeframe.
Robinhood crypto trading revenue drops by 1 in Q1
Data reveals that in the first quarter, cryptocurrency trading revenue dropped just by 1%. In Q1, Robinhood reported crypto trading revenue of $38 million, which should be compared to the overall trading revenue of $441 million across all of the company’s businesses. This indicates a year-over-year increase of 47.5%.
An analysis of the company’s holdings reveals that the firm holds $11.5 billion worth of cryptocurrencies. This is 36% up from the company’s holdings in Q4, 2022.
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The financial giant recently released an update for its web3 wallet. Dubbed “Robinhood Connect,” the new feature will allow users to fund their web3 wallets directly from dApps. This is done with the vision of making DeFi easily accessible to the users of the platform. Robinhood also launched new features like advanced charts, price alerts, and numerous others, making tracking cryptocurrency prices easier.