Robinhood’s crypto trading division reportedly saw an eight-fold leap in revenue generated from digital asset transactions in the final quarter of last year.
According to a new Robinhood investment report, the trading app giant saw a 200% year-over-year increase in transaction-based revenues, largely due to crypto.
“Total net revenues increased 115% year-over-year to $1.01 billion.
Transaction-based revenues increased over 200% year-over-year to $672 million, primarily driven by cryptocurrencies revenue of $358 million, up over 700%, options revenue of $222 million, up 83%, and equities revenue of $61 million, up 144%.
Net interest revenues increased 25% year-over-year to $296 million, primarily driven by growth in interest-earning assets, partially offset by a lower federal funds rate.
Other revenues increased 31% year-over-year to $46 million, primarily due to increased Gold subscription revenues.”
According to a Reuters report, Robinhood’s latest advance into crypto solidifies the trading app as a top rival for the leading US-based crypto exchange Coinbase.
Says Paul Marino, Chief Revenue Officer at Themes ETFs (exchange-traded funds), of Robinhood’s success.
“The fact that Robinhood had such a surge in revenues across its entire platform is more than just an appetite for risk in the marketplace – it’s also a testament to the adoption of its platform and the fact that the next generation of traders prefer what Robinhood is offering versus competitors.”
Coinbase is on schedule to release its own quarterly earnings report later today.
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