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Dogecoin trading accounts for 62% of Robinhood’s revenue in Q2 2021

Robin Hood, the popular trading app for retail investors, revealed that cryptocurrency trading increased in popularity on the platform and now accounts for 41% of its revenue.

Based on its financial results for the past quarter released on August 18, The company generated USD 233 million thanks to cryptocurrency trading, compared to the total USD 5 million earned in 2020. More than 60% of Robinhood’s funded accounts traded digital assets during the second quarter of 2021.

Early 2021 saw the boom in trading with Dogecoin on the platform, representing 62% of Robinhood’s revenue from cryptocurrencies. The earnings report is the first published by Robinhood since it became a public company. Vlad Teev, co-founder and CEO of Robinhood, stated:

“We are encouraged by the number of people entering the financial system for the first time through Robinhood.”

Revenue reached $ 565 million for the quarter overall, an increase of 131% compared to $ 244 million in the second quarter of 2020. Monthly active users more than doubled year-over-year (YoY) from 10.2 million to 21.3 million users, while funded accounts they increased by 130% during the same period.

The value of the assets in the custody of Robinhood also tripled year over year to reach $ 102 billion.

Despite rising crypto revenues, Robinhood reported an overall loss of $ 464 million for the second quarter. However, the losses are attributed to the accounting adjustments corresponding to the notes and fluctuation guarantees maintained by the company.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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