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On April 28, discount-brokerage platform Robinhood printed its monetary outcomes for the primary quarter of 2022. 12 months-over-year, the agency’s internet income declined by 43% to $299 million. Particularly, income from cryptocurrency buying and selling fell by 39% to $54 million throughout the identical interval. This was partly attributable to a lower within the curiosity in meme shares in addition to an ongoing cryptocurrency bear market that dominated a lot of the primary three months of the yr.
Nonetheless, regardless of a lower in gross sales, the corporate’s internet cumulative funded accounts rose by 27% year-over-year to 22.8 million. On the similar time, whole belongings underneath custody elevated 15% to $93.1 billion. Robinhood took a number of vital steps in enhancing its crypto enterprise. First, the agency rolled out crypto wallets to the roughly two million waitlisted clients in early April, with a full roll-out accomplished this week.
Then, in response to buyer requests, Robinhood listed 4 new cash; Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB). Lastly, Robinhood plans to combine with layer-2 Bitcoin (BTC) fee protocol Lightning Community for sooner transactions with decrease charges. As instructed by Robinhood:
“As soon as totally built-in, we count on the service to assist speed up Robinhood’s skill to serve Bitcoin remittances on a worldwide scale — at nearly no value — and might be vital for worldwide enlargement.”
This month, Robinhood signed an settlement to amass Ziglu, a U.Ok.-based digital cash establishment and crypto agency, as a part of its roadmap. Robinhood plans to leverage Ziglu’s workforce of economic providers and crypto consultants to assist the corporate increase throughout the UK and Europe.
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