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The quarterly financial report from Robinhood is out, with slightly disappointing news for stockholders but highly fascinating news for EU customers.
<h3 id="span-style-font-weight-400-revenue-decreased-from-the-previous-quarter-span">Revenue Decreased From The Previous Quarter</h3>
According to the <a href="https://s28.q4cdn.com/948876185/files/doc_financials/2023/q3/Q3-2023-Robinhood-Exhibit-99-1-vF.pdf" rel="noopener noreferrer nofollow">report</a>, Robinhood’s revenues for the third quarter of 2023 totaled $467 million, a 4% reduction from the previous quarter. Robinhood lost $85 million in the third quarter, for a loss of 9 cents per share.
However, Robinhood’s crypto branch paints a significantly different narrative.
Although the amount of crypto stored on behalf of customers has <a href="https://fortune.com/crypto/2023/11/07/robinhood-q3-earnings-eu-expanision-crypto-trading-crypto-revenues-slide/" rel="noopener noreferrer nofollow">declined</a> by around 11% since the previous quarter, the current figure of $10.2 billion marks a 9% <a href="https://investors.robinhood.com/financials/quarterly-results/" rel="noopener noreferrer nofollow">year-over-year</a> gain from the third quarter of 2022, when crypto winter was still in full stride and investor caution was strong.
Despite diminishing sales and the difficult decisions necessitated by the popular trading platform’s financial predicament, Robinhood CEO Vlad Tenev continues to plan for future growth.
“Looking ahead, we remain focused on providing industry-leading products that serve far more of customers’ financial needs, gaining market share, expanding internationally, and continuing to change the industry for the better. […] We are focused on using this (situation) as an opportunity to build our capabilities to build our platform.”
One of these developments is Robinhood’s intention to enable crypto trading in the European Union “within the next few weeks.”
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<h3 id="span-style-font-weight-400-improved-regulatory-environment-span">Improved Regulatory Environment</h3>
Until now, crypto trading on Robinhood was only available in the United States. However, only a few months after announcing plans to acquire companies in the UK ahead of a planned international expansion, Robinhood will be introducing crypto trading capabilities to Europe.
According to Tenev, the regulatory environment in Europe allows for a different set of assets than those available in the United States, which could be a reference to the decision to delist ADA, SOL, and MATIC after the SEC sued Binance and Coinbase for allowing the tokens to be traded, believing them to be unregistered securities.
“Regulatory clarity (in the EU) will allow Robinhood to offer a different set of assets compared with the US It would be a shame if innovation in the cryptocurrency market were coopted overseas.”
In recent months, Ark Invest, eToro, and Galaxy Digital have also declared plans to migrate toward Europe, as the SEC continues to sue companies it believes are violating American financial law.
The post <a href="https://bitcoinworld.co.in/robinhood-set-to-launch-crypto-trading-in-europe/" rel="noopener noreferrer nofollow">Robinhood Set to Launch Crypto Trading in Europe</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Robinhood Set to Launch Crypto Trading in Europe

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