The popular trading app Robinhood has revealed that trading in cryptocurrencies now accounts for almost 41% of the platform’s sales.
As shown in its latest quarterly report on August 18, the company generated $ 233 million in crypto trading in the second quarter, an increase of $ 5 million in Q2 alone compared to the whole of 2020 , with more than 60% of the platform’s users trading cryptocurrencies in Q2 2021.
These impressive numbers are the result of the crypto hype from the first half of the year, which was largely led by Dogecoin (DOGE). This is also reflected in the second quarter, because the Robinhood has made almost 62% of its crypto sales with the “joke crypto currency” in the last few months.
The new quarterly report is the first time that Robinhood has disclosed its figures since it ventured to go public. Despite the bumpy start on Nasdaq, CEO Vlad Tenev remains confident:
“We feel encouraged by the fact that more and more people are getting part of the financial system through Robinhood.”
In the second quarter, the company had total revenue of $ 565 million, an increase of 131% over Q2 2020 when it was $ 244 million. The number of active users has more than doubled year-on-year, as it went from 10.2 million to 21.3 million users.
The value of the fortune invested on the Robinhood tripled again to 102 billion US dollars in the same period.
Despite the strong crypto business, Robinhood is posting a total loss of $ 464 for Q2. However, these “losses” are primarily due to fluctuations in the valuation of assets that the company holds. The trading platform’s core business appears to continue to flourish.