Popular stock trading app Robinhood sees crypto trading on its platform hit record highs in the second quarter, with crypto trading accounting for more than half of all trading revenue. Moreover, dogecoin meme cryptocurrency, 2. it accounted for 62% of crypto trading volume in the quarter.
Dogecoin’s popularity grows in Robinhood, more popular than cryptocurrency stocks
Robinhood Markets Inc. (Nasdaq: HOOD) on Wednesday announced financial results for the second quarter ended June 30.
Robinhood, 2. he said crypto had more than half of all transaction revenue in the quarter, up 141% to $ 451 million in the period, compared to $ 187 million in the same period a year earlier.
Revenue from cryptocurrencies is 2 percent this year, up from $ 5 million in the same quarter last year. it rose to $ 233 million in the quarter.
“Robinhood customers have shown great interest in cryptocurrencies and more than 60% of our net cumulative accounts were trading cryptocurrencies in the second quarter,” he adds:
The three months ending June 30, 2021 are the first quarter in which a large proportion of new customers place their first transactions in cryptocurrency instead of stock.
Vlad Tenev, CEO and co-founder of Robinhood, said: “We are encouraged by the number of people accessing the financial system for the first time through robinhood. We are pleased to expand access to products such as commission-free crypto trading, which saw significant growth this quarter, especially among female investors, and access to IPOs that give customers the opportunity to invest in companies at IPO prices Dec.”
Robinhood launched its IPO access product on May 20. The company said it offers customers “access to shares of certain initial public offerings at the same price as high net worth institutional investors.”
Robinhood Chief Financial Officer Jason Warnick said during the company’s earnings report:
In particular, 62% of crypto trading volume occurred in Dogecoin in the 2nd quarter.
