Robinhood's Plunge Of 55% In Crypto Trading Revenue Is No Barrier To Launch Its EU Crypto Trading
Portfolio Pulse from Khyathi Dalal
Robinhood's Q3 transaction-based revenues on cryptocurrencies fell by 55% YoY and 26% QoQ, compared to a 13% drop in transaction revenues for equities. The number of crypto assets held on behalf of customers decreased by around 11% from the prior quarter, but saw a 9% increase YoY. Despite the revenue slowdown, Robinhood plans to launch EU crypto trading and U.K. brokerage operations in the coming weeks. Robinhood shares are currently trading 14% lower, with a six-month loss of 8%.
November 08, 2023 | 11:39 pm
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NEUTRAL IMPACT
Bitcoin is one of the tokens traded on Robinhood's platform.
The news does not provide any specific information about Bitcoin that would impact its price.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ethereum is one of the tokens traded on Robinhood's platform.
The news does not provide any specific information about Ethereum that would impact its price.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Robinhood ceased support for Cardano amid regulatory challenges.
Robinhood's decision to cease support for Cardano due to regulatory challenges could potentially have a negative impact on its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Robinhood's Q3 crypto revenues fell significantly, and its shares are trading 14% lower. However, the company plans to launch EU crypto trading and U.K. brokerage operations.
The significant drop in Robinhood's Q3 crypto revenues and the decrease in its share price indicate a negative short-term impact. However, the company's plans to expand its operations to the EU and U.K. could potentially offset this impact in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Robinhood ceased support for Polygon amid regulatory challenges.
Robinhood's decision to cease support for Polygon due to regulatory challenges could potentially have a negative impact on its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Robinhood ceased support for Solana amid regulatory challenges.
Robinhood's decision to cease support for Solana due to regulatory challenges could potentially have a negative impact on its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50