Inventory and crypto buying and selling platform Robinhood revealed its Q1 2023 outcomes on May 10.
The corporate stated that its cryptocurrency transaction revenues fell 1% sequentially to $38 million, at the same time as total transaction income elevated by 11%.
Robinhood moreover stated it elevated its property underneath custody by 26% sequentially to achieve $78 billion. It stated this was largely pushed by increased market values for cryptocurrency and development shares in addition to ongoing web deposits.
The corporate additionally stated that it continues to develop its crypto enterprise. Robinhood famous that its crypto pockets app is now accessible to all iOS customers. The app has been downloaded over 100,000 occasions thus far by customers in 130 nations.
The corporate additionally highlighted the brand new Robinhood Join service, which permits customers to entry Robinhood’s service from exterior crypto wallets.
Robinhood expressed issues over development in its full SEC filing. It warned that income will decline if it fails to draw and retain prospects. It particularly cited resistance to cryptocurrency and dissatisfaction with its low variety of supported cryptocurrencies as issues.
The corporate additionally stated in that submitting that it has $11.4 billion in property associated to consumer crypto safeguarding obligation and $11.4 billion in liabilities in the identical regard.
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