Robinhood increased its earnings on cryptocurrency operations

The stock and cryptocurrency trading platform Robinhood, whose main base of operations is in the United States, presented its latest quarterly report. In this balance, they highlight that they capitalized 43 million US dollars from their cryptocurrency operations division.

Despite a slight decline in the monthly user base, overall revenue was significantly boosted by the crypto division. The Robinhood team, in its report for the last quarter of 2023, noted that several indicators showed promising results.

Robinhood CEO Vlad Tenev commented in a statement:

“2023 was a solid year for us. The speed of our products continued to accelerate, our commercial market share increased and we began to expand globally. In addition, we have had an even better start to 2024, attracting more funded clients and net deposits during the first half of the first quarter than in the entire fourth quarter of 2023”.

As for cryptocurrency operations, the $43 million capitalized exceeds the $23 million recorded in the third quarter of 2023. This reflects a growing interest in digital currencies towards the end of that year.

These quarterly results come at a time when Robinhood has plans to expand beyond the United States, with a particular focus on the European market. In addition, the Robinhood team has been adapting to market trends and the needs of its clients.

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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