Robinhood makes significant strides in crypto business in Q1 despite falling revenue

On April 28 discount-brokerage level Robinhood published its fiscal results for the archetypal 4th of 2022. Year implicit year, the firm's nett gross declined by 43% to $299 million. Specifically, gross from cryptocurrency trading fell by 39% to $54 cardinal during the aforesaid period. This was partially owed to a alteration successful involvement successful meme stocks, arsenic good arsenic an ongoing cryptocurrency carnivore marketplace that dominated overmuch of the archetypal 3 months of the year.

However, contempt a alteration successful sales, the company's nett cumulative funded accounts roseate by 27% twelvemonth implicit twelvemonth to 22.8 million. At the aforesaid time, full assets nether custody accrued 15% to $93.1 billion. Robinhood took respective important steps successful enhancing its crypto business. First, the steadfast rolled retired crypto wallets to the astir 2 cardinal waitlisted customers successful aboriginal April, with a afloat roll-out completed this week.

Then, successful effect to lawsuit requests, Robinhood listed 4 caller coins; Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB). Finally, Robinhood plans to integrate with layer-2 Bitcoin (BTC) outgo protocol Lightning Network for faster transactions with little fees. As told by Robinhood:

"Once afloat integrated, we expect the work to assistance accelerate Robinhood's quality to service Bitcoin remittances connected a planetary standard - astatine virtually nary outgo - and volition beryllium important for planetary expansion."

This month, Robinhood signed an agreement to get Ziglu U.K.-based physics wealth instauration and crypto firm, arsenic portion of its roadmap. Robinhood plans to leverage Ziglu's squad of fiscal services and crypto experts to assistance the institution grow crossed the U.K. and Europe.