Robinhood noticed $38M in crypto transaction income in Q1 2023

by Cryptospacey

Inventory and crypto buying and selling platform Robinhood revealed its Q1 2023 outcomes on Could 10.

The corporate stated that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, whilst general transaction income elevated by 11%.

Robinhood moreover stated it elevated its belongings underneath custody by 26% sequentially to achieve $78 billion. It stated this was largely pushed by larger market values for cryptocurrency and development shares in addition to ongoing internet deposits.

The corporate additionally stated that it continues to develop its crypto enterprise. Robinhood famous that its crypto pockets app is now obtainable to all iOS customers. The app has been downloaded over 100,000 occasions so far by customers in 130 nations.

The corporate additionally highlighted the brand new Robinhood Join service, which permits customers to entry Robinhood’s service from exterior crypto wallets.

Robinhood expressed considerations over development in its full SEC submitting. It warned that income will decline if it fails to draw and retain prospects. It particularly cited resistance to cryptocurrency and dissatisfaction with its low variety of supported cryptocurrencies as considerations.

The corporate additionally stated in that submitting that it has $11.4 billion in belongings associated to person crypto safeguarding obligation and $11.4 billion in liabilities in the identical regard.

The publish Robinhood noticed $38M in crypto transaction income in Q1 2023 appeared first on CryptoSlate.

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