62% of Robinhood’s Q2 crypto revenue was from Dogecoin trading

Around 41% of Robinhood’s quarterly revenues were generated by crypto mercantilism.

Popular retail mercantilism app, Robinhood, has unconcealed crypto mercantilism surged in quality on the platform and currently represents 41% of its revenue.

According to its second-quarter money results printed August 18, the firm generated $233 million from crypto mercantilism services for the quarter, up from $5 million for the whole thing of 2020. More than 60% of funded Robinhood accounts listed digital assets throughout Q2 2021.

With early 2021 witnessing the speculative dog-token trading frenzy, a thumping sixty two of Robinhood’s crypto revenue was derived from Dogecoin trades.

The statement is that the 1st discharged by Robinhood since it became a public company. Vlad Teev, co-founder and business executive of Robinhood, stated:

“We’re encouraged by the number of people who are accessing the financial system for the first time through Robinhood.”

Revenue labelled $565 million for the quarter overall, a 131% increase compared to Q2 2020’s $244 million. Monthly active users over doubled year-over-year (YoY) from 10.2 million to 21.3 million, whereas funded accounts augmented by 130% over a similar amount.

The value of assets custodied by Robinhood conjointly tripled YoY to tag $102 billion.

Despite the billowing crypto revenue, Robinhood reported an overall loss of $464 million for Q2. However, the losses square measure attributed to accounting changes referring to the unsteady warrants and notes command by the corporate.

Related: Robinhood shareholders want crypto wallets and a hat