Dogecoin Brings In The Bulk Of Robinhood Crypto Revenue
By : Benzinga
Published On: 2021-09-01
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In the second quarter, Dogecoin, a meme cryptocurrency, accounted for 62% of online brokerage Robinhood Markets Inc.'s ($HOOD@US) cryptocurrency transaction-based revenue. Robinhood announced its first earnings results as a public company on Wednesday. It also shared that second-quarter revenue from cryptocurrencies grew to $233 million from $5 million in the year-ago period and accounted for almost 52% of its transaction-based revenues. Revenues from Dogecoin in the preceding first quarter were 34%. Robinhood also noted that a larger share of new customers placed their first trade in cryptocurrency rather than equities in the second quarter.
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