On April 28, discount-brokerage platform Robinhood printed its financial recent results for the very first quarter of 2022. Year-over-year, the firm’s internet revenue declined by 43% to $299 million. Particularly, revenue from cryptocurrency buying and selling fell by 39% to $54 million throughout the same period. It was partially as a result of reduction in the eye in meme stocks plus an ongoing cryptocurrency bear market that dominated a lot of the very first three several weeks of the season.
However, despite home loan business sales, the business’s internet cumulative funded accounts rose by 27% year-over-year to 22.8 million. Simultaneously, total assets under child custody elevated 15% to $93.1 billion. Robinhood required several important stages in enhancing its crypto business. First, the firm folded out crypto wallets towards the roughly 2 million waitlisted customers at the begining of April, having a full roll-out completed now.
Then, as a result of customer demands, Robinhood listed four new coins Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB). Finally, Robinhood intends to integrate with layer-2 Bitcoin (BTC) payment protocol Lightning Network for faster transactions with lower charges. As relayed through Robinhood:
“Once fully integrated, we predict the plan to help accelerate Robinhood’s capability to serve Bitcoin remittances on the global scale — at without any cost — and will also be essential for worldwide expansion.”
This month, Robinhood signed a contract to get Ziglu, a U.K.-based electronic money institution and crypto firm, included in its roadmap. Robinhood intends to leverage Ziglu’s group of financial services and crypto experts to assist the organization expand over the Uk and Europe.