Robinhood’s cryptocurrency transaction revenues, the American financial company that enables trading in stocks, funds, and cryptocurrencies via a mobile app, fell by 18 percent in the second quarter of 2023, partly due to a decrease in the number of users trading cryptocurrencies, according to the latest financial report.
Revenues related to crypto activities dropped to $31 million, compared to $38 million in the previous quarter. An additional report shows that the number of users trading fell 6 percent, while the volume per trader decreased by 15 percent.
Robinhood stated that it continues to invest in the crypto industry and plans to launch non-custodial wallets later this year, allowing customers to have control over their cryptocurrencies.
– Despite the challenging environment for the entire crypto ecosystem, Robinhood has continued to build in this space – the company announced on Wednesday.
In June, Robinhood reported that crypto trading volume in May fell 43 percent compared to April. The trading volume in May was 68 percent lower than in the same month last year, according to a previous statement from Robinhood.
Total net revenues for Robinhood rose to $486 million, which is 10 percent higher than in the first quarter of this year.
The company also announced that it achieved profitability for the first time as a public company, with net income in the second quarter rising to $25 million.
– In the second quarter, we achieved a significant milestone by reaching profitability for the first time as a public company. Guided by our bold product plan, we continue to innovate for our customers, grow assets, gain market share, and change the industry for the better – said Vlad Tenev, CEO and co-founder of Robinhood Markets.
