Is Robinhood Going All-in On Crypto?!

cryptocurrency 8 months ago

If you learned about the online broker Robinhood today, you'd be forgiven for thinking it was a crypto platform. The company just had an IPO and had spectacular growth in terms of new users and revenue. 🚀 Save money on every crypto trade you make with StormGain! Enjoy a onetime 0.1% trading fee with this link: They definitely made the most of the meme stock phenomenon and the hype around Dogecoin and Bitcoin. But what are they more focused on - democratizing access to the stock market and meme stocks, or crypto, where they'll do battle with Coinbase and Binance. Watch the full video to find out! Robinhood's second-quarter earnings report late Wednesday revealed its reliance on cryptocurrency trades, highlighting the benefits and potential pitfalls of dealing in this emerging asset class. The trading platform's cryptocurrency-related revenues exploded during the quarter. The company logged $233 million in such revenue, compared to just $5 million a year ago. More than 60% of Robinhood's funded accounts traded in crypto during the quarter. Still, even with the unpredictable movements in the price of Bitcoin, Robinhood said market turbulence was on its side. Robinhood makes money in crypto by routing orders to market makers that the company says offer “competitive pricing” and taking a percentage of the order value. Overall, crypto assets on the platform almost doubled in the second quarter to $22.7 billion from $11.6 billion a quarter earlier and $3.5 billion at the end of 2020. Do you think crypto is the future for Robinhood? Or is it too unstable and crowded with strong competitors? Let us know in the comments below! 📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: TWITTER: FACEBOOK: INSTAGRAM: TIKTOK: Disclaimer: Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
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