Robinhood’s Crypto-related Income Falls by 12%
The income of online broker Robinhood from operations related to digital assets decreased by 12% in Q3, to $51 million, according to the report published by the company yesterday.
At the end of the previous reporting period, the figure was $58 million. The drop in income from cryptocurrency-focused activities in Robinhood, among other things, is due to the decline in the monthly number of active users and the decrease in trading volume.
According to the document, as of September 30, the value of the broker’s assets related to the “commitment to safeguard users’ cryptocurrencies” is estimated at $9.36 billion.
Vlad Tenev, the company CEO, has said that despite the decline in revenues from the digital asset-related business, Robinhood “will continue to bring new coins to market in a thoughtful and measured manner.”
