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Robinhood IPO Filing Reveals $88 Billion in Cryptocurrency Trading, Dogecoin 34% of Crypto Revenue – News Bitcoin News

by transtotals
July 2, 2021
in Bitcoin
Reading Time: 3 mins read
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Robinhood IPO Filing Reveals $88 Billion in Cryptocurrency Trading, Dogecoin Accounts for 34% Crypto Revenue

Robinhood’s IPO prospectus exhibits that 9.5 million clients traded $88 billion of cryptocurrency on its platform in Q1 and the corporate held roughly $12 billion in crypto belongings below custody, a 23-fold enhance from final yr. In the meantime, 34% of Robinhood’s cryptocurrency income was attributable to the meme cryptocurrency dogecoin.

Robinhood’s IPO Prospectus Reveals Crypto Enterprise Particulars

Robinhood Markets Inc. (Robinhood) filed a preliminary prospectus with the U.S. Securities and Change Fee (SEC) Thursday for its preliminary public providing (IPO).

The corporate lists “cryptocurrency buying and selling” via its subsidiary, Robinhood Crypto LLC (RHC) as one of many choices on the Robinhood platform. The corporate defined that it “provides commission-free shopping for and promoting of cryptocurrency” via the subsidiary. The crypto buying and selling service was launched on Feb. 20, 2018. The platform at present helps seven cryptocurrencies: bitcoin, bitcoin money, bitcoin sv, dogecoin, ethereum, ethereum traditional, and litecoin.

For the three months ended March 31, Robinhood held cryptocurrencies value practically $11.60 billion, in belongings below custody. The submitting particulars:

For the three months ended March 31, 2021, 17% of our whole income was derived from transaction-based revenues earned from cryptocurrency transactions, in comparison with 4% for the three months ended December 31, 2020.

Robinhood additionally wrote: “We consider that rising curiosity and adoption of cryptocurrency will drive elevated buyer curiosity in our platform and that we now have important room to develop even inside our present buyer base.”

As well as, the corporate identified that “A considerable portion of the latest progress in our web revenues earned from cryptocurrency transactions is attributable to transactions in dogecoin.” For 3 months ended March 31, 2021:

34% of our cryptocurrency transaction-based income was attributable to transactions in dogecoin, as in comparison with 4% for the three months ended December 31, 2020.

As of March 31, Robinhood has additionally expanded its protection to 46 states and Washington D.C. The corporate additionally helps real-time market knowledge for 10 cryptocurrencies, which is obtainable to all clients. The corporate additional declared:

Within the first quarter of 2021 alone, we noticed over 9.5 million clients commerce roughly $88 billion of cryptocurrency on our platform, and we held roughly $12 billion in cryptocurrency Belongings Underneath Custody as of March 31, 2021, a 23-fold enhance from March 31, 2020.

What do you consider Robinhood’s crypto enterprise? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.





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