Stock and cryptocurrency trading platform Robinhood has announced its financial results for the first quarter of 2023. May 10th.
The company announced that cryptocurrency trading revenue fell 1% quarter-on-quarter to $38 million, despite an 11% increase in overall trading revenue.
Robinhood also announced that assets under custody grew 26% quarter-on-quarter to $78 billion. The company said this was largely due to the rising market value of cryptocurrencies and growth stocks, as well as continued net deposits.
The company also said it continues to grow its cryptocurrency business. Robinhood noted that its cryptocurrency wallet app is now available to all iOS users. To date this app has been downloaded by him over 100,000 times by users in 130 countries.
The company also highlighted its new Robinhood Connect service, which allows users to access Robinhood’s services from external cryptocurrency wallets.
Robinhood expressed concern over the company’s growth. Complete SEC filingHe warned that revenue would decline if it could not attract and retain customers. Specifically, he cited resistance to cryptocurrencies and frustration with the low number of supported cryptocurrencies as concerns.
The company also said in its filings that it has $11.4 billion in assets and $11.4 billion in similar liabilities related to its users’ cryptocurrency protection obligations.
The story of Robinhood recording $38 million in cryptocurrency trading revenue in Q1 2023 first appeared on CryptoSlate.
