Kingdom

United

Robinhood has seen a significant increase in <a href="https://optimisus.com/news/crypto-news/robinhoods-crypto-trading-volume-drops-by-68-compared-to-last-year/" rel="noopener noreferrer nofollow">crypto trading volume</a>, with a 75% month-on-month increase in November.  
This surge, which was reported in a Form 8-K filing with the US Securities and Exchange Commission on December 4th, represents a significant turnaround for Robinhood after it reported a 55% year-over-year decline in crypto notional volumes in its Q3 results.  
According to the filing, <a href="https://optimisus.com/news/fintech-news/ark-invest-acquires-9-5-million-worth-of-robinhood-shares/" rel="noopener noreferrer nofollow">Robinhood's crypto</a> notional trading volumes for November were 75% higher than in October.  
This surge in crypto activity is notable, particularly when compared to relatively unchanged trading volumes for stocks and options contracts during the same time period.  
The impressive increase in cryptocurrency trading comes as Robinhood strives for a more profitable fourth quarter. With $467 million in revenue in the third quarter, the platform fell short of analysts' expectations.  
The drop in crypto volumes in 2022 contributed to an 11% year-on-year drop in transaction-based revenues of $185 million.  
In a November earnings call, Robinhood co-founder and CEO Vlad Tenev expressed confidence in the platform's performance, predicting "nine figures" in annual revenue.  
Tenev observed a renewed interest in crypto among retail investors, which aided the platform's revival.  
Since the beginning of 2023, the stock price of Robinhood has increased by 18%, indicating positive market sentiment.  
However, the stock has dropped since peaking at just over $13 in 2023, with a recent trading value of $9.55, following a 2.47% rise.  
Robinhood's entry into commission-free stock trading in the United Kingdom is a bold strategic move. Despite the obstacles, Tenev hopes to replicate the success of Robinhood's pre-pandemic business in the United States by revitalizing the UK market through cost reductions. 
The post <a href="https://optimisus.com/news/crypto-news/robinhood-sees-a-75-increase-in-crypto-trading-volume-in-november/" rel="noopener noreferrer nofollow">Robinhood sees a 75% increase in crypto trading volume in November</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Robinhood sees a 75% increase in crypto trading volume in November

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