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Robinhood's Crypto Revenue Collapse, Records 78% Decrease in Q3
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blockchain.newsRobinhood announced its crypto revenue totalled $233 million in the second quarter and $51 million in the third quarter, marking a 78% decrease compared to the previous quarter.
Since there are so many options for trading on crypto nowadays, the market for crypto wallets is saturated yet growing. However, Robinhood Markets Inc’s crypto trading revenue has been staggering.
According to the company’s Q3 report, published on Tuesday, October 26, its crypto accounted for $51 million (19%) of the total $267 million worth of transaction-based revenue in the quarter.
Robinhood shares fell about 8% in after-hours trading Tuesday after the zero-commission trading platform poorly missed on revenue expectations.
Reduced crypto trading activity in the
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