Cryptocurrency

Stock trading app Robinhood reported that its crypto business brought in $38 million in Q1 for 2023, down 30% from $54 million in Q1 2022. 
Cryptocurrency and stock trading app Robinhood reported its first quarter revenue for 2023, revealing a 29.6% year-on-year decline for its cryptocurrency trading division. In its filing, the firm also reported an increase of 26% in assets under custody which now amounts to $78 billion. Around 15%, or $12 billion, of the assets under custody, are crypto assets on its trading platform &ndash; 40% less compared to Q1 2022.
Despite declining crypto trading revenue, the trading app&rsquo;s total revenue increased year-on-year, amounting to $441 million compared to Q1 2022&rsquo;s revenue of $229 million. Robinhood&rsquo;s total year-on-year trading revenue increased by 47.5%.
As a result of the US Federal Reserve&rsquo;s recent rate hikes, Robinhood earned handsomely from interest. Q1 revenue is up 16% from Q4 2022.
Although the firm&rsquo;s overall revenue increased, the app witnessed a decline in monthly active users. In Q1 2022, Robinhood had 15.9 million users, but this number decreased to 11.8 million.
Jason Warnick, Robinhood&rsquo;s Chief Financial Officer, commented on the firm&rsquo;s report saying:

The broader macro backdrop has been tougher on trading volumes and engagement with brokerages.

Vlad Tenev, Robinhood CEO, remained optimistic over the firm&rsquo;s report:

In the face of uncertainty in the&nbsp;banking sector, we&rsquo;re continuing to see strong net deposits and improving customer satisfaction.

Robinhood Will Soon Launch 24-Hour Weekday Stock Trading
Robinhood said it would soon allow users to engage in 24-hour trading of selected exchange-traded funds and popular stocks such as Tesla and Apple, Forbes reports. Robinhood will become the first US brokerage to offer 24-hour trading in individual stocks after it announced its plans on Wednesday.
Tenev told The Wall Street Journal (WSJ) that the 24-hour service would enable round-the-clock trading in 43 securities between 8 p.m. ET Sunday and 8 p.m. ET Friday, with plans to add more securities to this list.
The WSJ reports the service will be available in a limited capacity by next week, with all users having access by June.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Robinhood Reports 30% Decline in Revenue for Q1

Crypto Daily™

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