The commission-free brokerage firm reported record earnings, led by a strong increase in crypto trading.
Robinhood, the commission-free brokerage firm, reported a first-quarter earnings beat Wednesday afternoon. The company came under fire earlier this week after the company's cryptocurrency unit, Robinhood Crypto, was issued a Wells Notice from the U.S. Securities and Exchange Commission.
Robinhood rolled out its cryptocurrency wallet for Android users in March, about a year after Robinhood Wallet was launched to iOS users globally, The Block previously reported.Transaction-based revenues increased 59% year-over-year to $329 million, which Robinhood said was primarily driven by cryptocurrencies revenue of $126 million, up 232%, and options revenue of $154 million, up 16%.
Notably, crypto notional trading volumes increased 224% year-over-year to $36 billion, a markedly increased rate compared to the rise in equity notional trading volumes , though the latter was at a much larger sum of $225 billion.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
At least 224 people, 153 pets rescued in Texas floods with more rain in the forecastAs rivers swell across South Texas, leaving homes and businesses flooded and thousands of people displaced, residents are looking skyward Sunday as the threat of more rain looms.
Read more »
224 people rescued amid Texas flood watch: 'We're not out of the woods yet'Flood watch in effect for over 20 million people in Texas, Oklahoma, Arkansas.
Read more »
At least 224 people, 153 pets rescued in Texas floods with more rain in the forecastAt least 224 people have been rescued from homes and vehicles in Harris County, Texas, an official said Saturday night.
Read more »
Buttler's unbeaten century helps Rajasthan beat Kolkata off final ballJos Buttler’s unbeaten century helped Rajasthan Royals chase down 224 and snatch a breathtaking two-wicket win over Kolkata Knight Riders in the Indian Premier League. The Englishman hit 107 not out off 60 balls and carried Rajasthan to 224-8 off the final ball.
Read more »
Sponsored: Six Ways to Use Robinhood for Investing, Retirement Planning and MoreFrom simplifying the process of buying and selling stocks, to offering the first IRA with a 1 percent match, the online finance platform makes it easier to manage your money.
Read more »
A year later, S.A. woman recalls bloody Robinhood Place attackMariah Gardner's ex-husband, Stephen Clare, allegedly shot and wounded her, stabbed one of their daughters to death, and severely wounded the other.
Read more »